How to afford a long happy retirement
Download
1 / 23

How to Afford Retirement - PowerPoint PPT Presentation


  • 241 Views
  • Updated On :

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!.

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'How to Afford Retirement' - Sophia


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
How to afford a long happy retirement l.jpg

How to Afford aLong, Happy Retirement

Presented by

(Name, CPA)

Member, The Ohio Society of CPAs


Procrastination l.jpg
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 l.jpg
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 l.jpg
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 l.jpg
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 l.jpg
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 l.jpg
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 l.jpg
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 l.jpg
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 l.jpg
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 l.jpg
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 l.jpg
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 l.jpg
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 l.jpg
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 l.jpg
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 l.jpg
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 l.jpg
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 l.jpg
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 l.jpg
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 l.jpg
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 l.jpg
Beware of Common Pitfalls

Get rich quick schemes

Over-caution

Not enough diversification

Tapping into your retirement investments


Protecting yourself in retirement l.jpg
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 l.jpg
For further information

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

  • Name

  • Company

  • Address

  • Email

  • Phone


ad