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How to Afford a Long, Happy Retirement. Presented by (Name, CPA) Member, The Ohio Society of CPAs. Procrastination…. There’s only one side to waiting and that’s the downside Don’t hold off planning for your retirement: it cannot wait! Put your money where it counts – in savings!.

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how to afford a long happy retirement

How to Afford aLong, Happy Retirement

Presented by

(Name, CPA)

Member, The Ohio Society of CPAs

procrastination
Procrastination…

There’s only one side to waiting and that’s the downside

  • Don’t hold off planning for your retirement: it cannot wait!
  • Put your money where it counts – in savings!
making the case
Making the Case

Advocate for your future financial security

Understand why you have to start NOW

Get an advisor to pinpoint strategies

making the case4
Making the Case

Plan to save

  • It is NEVER too early
  • It is NEVER too late

Make the retirement of your hopes the retirement of your reality

why you have to take charge
Why You Have to Take Charge

Hard to ignore reasons to start saving for your retirement now

  • You will need 2/3 to 3/4 of current income for financial stability during retirement years
  • If you start saving in your 20s or 30s you can possibly be a millionaire by retirement age
a successful retirement
A Successful Retirement

Step 1: Pinpoint your major sources of retirement income

Step 2: Take a realistic look at your retirement costs and goals

Step 3: Close the gap between income and goals

pinpoint your major sources of retirement income
Pinpoint Your Major Sources of Retirement Income

Inventory all of your anticipated sources of retirement income

Consider which ones you have, which ones you don’t, and which ones you should consider adding

pinpoint your major sources of retirement income8
Pinpoint Your Major Sources of Retirement Income

Social Security

  • Provides retirement income and basic financial support

Employer Pension Plan

  • Retirement income: must be fully vested with a company to make this worthwhile

Employee Contribution Plans, e.g. 401(k)

  • Highly effective approach to putting money away for retirement
pinpoint your major sources of retirement income9
Pinpoint Your Major Sources of Retirement Income

IRAs

  • Tax-advantage retirement option that can be set up through your banker
    • Traditional IRAs
    • Roth IRAs
  • Consult a CPA to learn more about which IRA is best for your retirement planning
pinpoint your major sources of retirement income10
Pinpoint Your Major Sources of Retirement Income

Private Investments

Consider a second career…

  • Out of necessity
  • To pursue a passion

Look at the tax consequences

  • Higher tax bracket?
  • Affect your Social Security?
take a realistic look at retirement costs and goals
Take a Realistic Look at Retirement Costs and Goals

The operative word here is REALISTIC. You need to be honest with yourself NOW so you are protected from unpleasant surprises when entering retirement.

take a realistic look at retirement costs and goals12
Take a Realistic Look at Retirement Costs and Goals

Questions to consider when evaluating your retirement expenses and financial responsibilities

  • Will you keep or sell your current home? Do you have a mortgage?
  • Do you want to duplicate your current lifestyle?
  • Will you be paying to educate children?
  • Which of your medical expenses will be covered?
  • Do you plan to travel?
take a realistic look at retirement costs and goals13
Take a Realistic Look at Retirement Costs and Goals

Be sure to take inflation into account when calculating your retirement expenses

Most pension plans and Social Security factor in a cost of living increase to account for inflation

Being on a fixed income as a retiree can be devastating if you don’t plan for inflation

close the gap between your projected income and your retirement goals
Close the Gap Between Your Projected Income and Your Retirement Goals

Turn plans of actions and ideas into reality

There is a gap between your retirement goals and the money you’ll need to support them

Close the gap and see the results…

close the gap between your projected income and your retirement goals15
Close the Gap Between Your Projected Income and Your Retirement Goals

Common excuses for avoiding saving for retirement

  • I’m too young
  • It’s too late
  • I don’t have enough money to put away
  • There are other expenses
close the gap between your projected income and your retirement goals16
Close the Gap Between Your Projected Income and Your Retirement Goals

There are no excuses not to start NOW

One point to attack all arguments – The Power of 100

  • There is amazing power in putting away $100 a month towards your retirement
close the gap between your projected income and your retirement goals17
Close the Gap Between Your Projected Income and Your Retirement Goals

The Power of 100 – How powerful is it really?

  • After 5 years earning 6% you’ll have $6,977
  • After 20 years $46,204
  • After 30 years $100,452

It’s NEVER too early and NEVER too late

close the gap between your projected income and your retirement goals18
Close the Gap Between Your Projected Income and Your Retirement Goals
  • Remember to consider:
    • Your current age
    • Your desired retirement age
    • Your tolerance for risk
    • Tax implications now and at retirement
  • Consider individual investments
  • Investments are proven pivotal in closing the retirement income gap
close the gap between your projected income and your retirement goals19
Close the Gap Between Your Projected Income and Your Retirement Goals

Tax-Advantaged Retirement Investments

  • U.S. Treasuries
  • Municipal Bonds
  • Annuities
close the gap between your projected income and your retirement goals20
Close the Gap Between Your Projected Income and Your Retirement Goals

Taxable Retirement Investments

  • Certificates of Deposit (CDs)
  • Corporate bonds and stocks
beware of common pitfalls
Beware of Common Pitfalls

Get rich quick schemes

Over-caution

Not enough diversification

Tapping into your retirement investments

protecting yourself in retirement
Protecting Yourself in Retirement

Put aside $100 extra a month

Diversify

Take advantage of anything and everything your company offers

Use tax advantaged vehicles

Start right NOW

for further information
For further information

If you would like further information or assistance with retirement planning, please contact me:

  • Name
  • Company
  • Address
  • Email
  • Phone
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