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RETIREMENT PLANNING. LOOKING TOWARD THE FUTURE. Developed by L. Dawn Barnes, CFCS, Extension Agent Virginia Cooperative Extension. Retirement Considerations. Financial Family & Social Relations Nutrition/Health/Exercise Employment Living Location/Arrangement Use of Time

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RETIREMENT PLANNING

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RETIREMENT PLANNING

LOOKING TOWARD

THE FUTURE.

Developed by

L. Dawn Barnes, CFCS, Extension Agent

Virginia Cooperative Extension


Retirement Considerations

  • Financial

  • Family & Social Relations

  • Nutrition/Health/Exercise

  • Employment

  • Living Location/Arrangement

  • Use of Time

  • Travel


Continued Employment

Employer Sponsored Retirement Plans

Defined Benefits

Defined Contributions

Profit Sharing

Deferred Compensation

Personal Retirement Plans

Annuities

Individual Retirement Accounts

Keogh Accounts

Social Security

Other Personal Investments

SOURCES OF RETIREMENT INCOME


Continued Employment

  • Full Time

  • Part Time

  • Income from a hobby


Employer Sponsored Retirement Plans

  • Pensions

    • Defined Benefit

    • Defined Combination

  • Profit Sharing

  • Deferred Compensation


Defined Benefit Plans

  • Funded - full payment made by employer to a trustee and set aside for future

  • Unfunded - paid from current earnings not moneys set aside


Defined Contribution

  • Noncontributory vs. Contributory

  • Portability

  • Salary reduction plans


Salary Reduction Plans

401(k)

403(b) 457

--------------------------


Profit Sharing

  • A plan into which the employer makes substantial and recurring contributions

  • Contributions reflect employee’s income and level of employer’s profits

  • Contributions could be fixed amount or discretionary


Deferred Compensation

  • Large payments for services rendered are paid at a later date


Annuities

Individual Retirement Accounts

Keogh Accounts

Simplified Employee Pension Plans

Other Personal Investments

Personal Retirement Plans


Annuities

  • Earnings grow tax free

  • Immediate

  • Deferred


Individual Retirement Arrangements (Accounts)

  • Traditional

    • Deductible

    • Non-deductible

  • Roth

    • Non-deductible


Individual Retirement Arrangements


Keogh Accounts

  • More expensive to set up

  • Allows contribution of self-employment income


Social Security

  • FICA taxes

  • Unfunded Pension Plan

  • Currently full benefits at 65


Considerations in Planning Comfortable Retirement

1.Determine Probable Retirement Expenses


Considerations in Planning Comfortable Retirement

2.Determine Probable Retirement Income


Considerations in Planning Comfortable Retirement

3. Evaluate Your Assets


Considerations in Planning Comfortable Retirement

4.Compare Expenses, Income, Assets


Considerations in Planning Comfortable Retirement

5.Make the Necessary Changes


Summary of RetirementPlanning

  • Start early while time is still on your side

  • Consider all the options

  • Consult professionals

    if you have questions


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