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Building Bucks

Building Bucks. Retirement Planning and Savings. Sources of Income. Social Security Eligible for benefits (age 65-67) Waiting for retirement age gives 100% of benefit Company Pension Retirement plan: funded or unfunded Contrasted with severance packages Personal Savings

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Building Bucks

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  1. Building Bucks Retirement Planning and Savings

  2. Sources of Income • Social Security • Eligible for benefits (age 65-67) • Waiting for retirement age gives 100% of benefit • Company Pension • Retirement plan: funded or unfunded • Contrasted with severance packages • Personal Savings • Stocks, bonds, investments, savings accounts

  3. More on Personal Savings Start young Determine your retirement needs 401K or 403b and IRAs

  4. Starting Early Source: www.Fool.com

  5. Working After Retirement • Many retirees return to work part or full time after retirement to make ends meet • May help complete daily routine • A second chance to make money off of a hobby or passion can be hugely satisfying • May be necessary • Can work and receive social security benefits at the same time

  6. Living Expenses in Retirement • 70-80% of current income is generally sufficient in retirement • Consider your desired lifestyle: • Location of home • Hobbies/travel/recreation • Transportation needs • Entertainment • Clothing/personal care needs • Medical risks • Interest in starting a new career

  7. Balancing Income and Expenses • Debts • Make a list of current debts • Debts with highest interest rates should be paid off first • Regular Monthly Expenses • Fixed • Stay the same from month to month (ex: rent, utilities, car payments) • Variable • Vary from month to month (ex: groceries, gas)

  8. Balancing Income and Expenses • Occasional and Seasonal Expenses • Expenses that don’t occur every month • Important to figure out a monthly average to set aside • Comparing Income and Expenses • Use a spending plan worksheet • If expenses exceed your income, you can: • Increase your income • Reduce your expenses • Or both

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