Is Retirement Within Your Reach?. Is a retirement plan really necessary?. Your Retirement Goals. What’s your choice?. Retire by age ? Work part-time? Travel? Buy home in warmer climate? Reduce lifestyle? Maintain or increase current lifestyle?.
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What’s your choice?
Retire by age ?
Buy home in warmer climate?
Maintain or increase current lifestyle?
How much to save?
Tax deferred or taxable
Year of Birth Full Retirement Age
1937 & earlier 65 years 1938 65 years, 2 months 1939 65 years, 4 months 1940 65 years, 6 months 1941 65 years, 8 months 1942 65 years, 10 months 1943 - 1954 66 years 1955 66 years, 2 months 1956 66 years, 4 months 1957 66 years, 6 months 1958 66 years, 8 months 1959 66 years, 10 months 1960 & after 67 years
$5,000 in 2008
*Amounts shown are for individuals.
Amounts double for couples.
Reduce taxable income
Report on 1040 tax form
File IRS Form 8606 with Federal Tax return
Retain copy permanently
Contributions made with after-tax dollars
No mandatory age for withdrawals
No mandatory age limit for contributions
Contributions (after-tax dollars) always available for withdrawal without penalty
used for first time home purchase
Don’t have $4,000 all at once? Consider making automatic monthly payments from checking account or payroll deduction.
Contributions made only between ages 22-30 (9 years)
Contributions made only between ages 31-65 (35 years)
Early money is like yeast, it helps your dough rise!
transfer of IRA funds from one IRA custodian to another
One cup of coffee at $1.00/cup x 5 days x 50 weeks = $250/yr.
One soft drink at $1.00/each x 5 days x 50 weeks = $250/yr.
2 video rentals/week @ $3.00 each x 50 weeks = $300/yr.
One fast food meal/week @ $5.00 = $250/yr.
TOTAL SAVED = $1,050/year
Think of retirement as a vacation -- take half as much baggage and twice as much money!