top 10 retirement planning checkpoints #10 take me out to the ball game will you be watching the...

Top 10 Top 10 Retirement Planning Retirement Planning

CheckpointsCheckpoints

#10 Take Me Out to #10 Take Me Out to the Ball Gamethe Ball Game

• Will you be watching the game from Will you be watching the game from left field or a box seat behind home left field or a box seat behind home plate?plate?

• Hit a home run – how much do you Hit a home run – how much do you need for retirement?need for retirement?

• Visit www.asec.org/ballparkVisit www.asec.org/ballpark

#9 Send for Social #9 Send for Social Security Security Benefits EstimateBenefits Estimate

• Social security was designed to Social security was designed to supplement other income sourcessupplement other income sources

• Review regularly to detect any Review regularly to detect any errorserrors

• Visit www.ssa.govVisit www.ssa.gov

#8 When Will You #8 When Will You Pay Yourself?Pay Yourself?

• A dollar today is worth A dollar today is worth ? ? tomorrowtomorrow

• Time value of moneyTime value of money• Consequences of delaying savingConsequences of delaying saving• Better late than never, but better Better late than never, but better

early than late!early than late!

#7 Taxing #7 Taxing MattersMatters

• Tax consequences are only one Tax consequences are only one factor in decision makingfactor in decision making

• Principle and gains may bePrinciple and gains may be• TaxableTaxable• Tax-deferredTax-deferred• Tax exemptTax exempt

#6 But, I Don’t Have #6 But, I Don’t Have Any Money to SaveAny Money to Save

• No matter how modest your No matter how modest your income, you CAN saveincome, you CAN save

• Take our 30 day challenge – start Take our 30 day challenge – start today!today!

• If you don’t care about your If you don’t care about your retirement income who will?retirement income who will?

#5 Retirement #5 Retirement Planning Is More Than Planning Is More Than MoneyMoney

• HousingHousing• TravelTravel• SocialSocial• EmotionalEmotional• Transition process - don’t be Transition process - don’t be

taken by surprisetaken by surprise

#4 Time In, Not #4 Time In, Not Timing, the MarketTiming, the Market

• Risk vs. ReturnRisk vs. Return• Today is the best day to Today is the best day to

begin savingbegin saving

#3 Know Your #3 Know Your BenefitsBenefits

• Disability insuranceDisability insurance• Life insuranceLife insurance• Retirement plan/incomeRetirement plan/income• Health careHealth care• Long term care insuranceLong term care insurance

#2 Life-cycle #2 Life-cycle Financial PlanningFinancial Planning

• Needs and approaches change Needs and approaches change • Early careerEarly career• Mid careerMid career• Late careerLate career

• Be careful of falling into the Be careful of falling into the “American Way” of debt “American Way” of debt management rather than management rather than managing long term savingsmanaging long term savings

Life-Cycle Income

0 10 20 30 40 50 60 70 80 90

Age

Dollars

Life-Cycle Expenses

0 10 20 30 40 50 60 70 80 90

Age

Dollars

0 10 20 30 40 50 60 70 80 90

Age

Dollars

incomeexpenses

How Do They How Do They Compare?Compare?

#1 Define Your #1 Define Your GoalsGoals

• Think’em and ink’em!Think’em and ink’em!• But don’t chisel’em in stoneBut don’t chisel’em in stone• Involve family membersInvolve family members

• Individual goalsIndividual goals• Family goalsFamily goals

• Put’em where you see’emPut’em where you see’em