preparing for retirement
TRANSCRIPT
Preparing for RetirementBy Guita T. Gopalan
The Golden YearsWhat kind of life style do you want?Where do you want to live? What will you enjoy doing? Where will you spend your relaxation time?Who will surround you?
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Best Years?Worst Years?
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9 Retirement Myths1. I probably won’t live until 100.2. My kids will help me.3. Freedom to relax.4. Pension ≠ Current Income5. Phpxxxxxxxxx is enough.6. You can live on interest.7. Biggest expense is health care.8. May pera na akong pangnegosyo.9. Nothing will change.
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Preparing for Retirement
The Golden YearsThe Unexpected
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lifestyle
Monthly IncomeAdjusted for Inflation
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InflationSurvival not Luxury.Inflation is compounded.You are losing money and you don’t even know it.Average inflation past 3 years is 3.7%%
Plan for Inflation
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How will you finance your lifestyle?
Active Income (Full Time)Active Income (Part Time)PensionInvestment Income
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To Do:Identify your regular (needs) expenses. Identify your lifestyle (wants) expenses.Identify and establish at least three independent income sources.
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The UnexpectedCalamities & natural disastersGetting sick, really sick.Living till 100.Children can’t take care of youRelationships breaking down.
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Protection BasketEmergency Funds equal to 6 months of needs.Medical Care and Hospital Plan
HMO PlansInsurance PhilHealth
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Long Term CareWhat if you do live to be 100?Physical AssistanceMedical Assistance
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The Final Bow PlansWill & TestamentMedical History and CareAdvocate: Power of AttorneyAdvocate: Medical Power of AttorneyMemorial Plans
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“We can never control the winds……
But we can certainly learn to adjust our
sails.”
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