Retirement planning
This presentation is the property of its rightful owner.
Sponsored Links
1 / 22

RETIREMENT PLANNING PowerPoint PPT Presentation


  • 51 Views
  • Uploaded on
  • Presentation posted in: General

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

Download Presentation

RETIREMENT PLANNING

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


Retirement planning

RETIREMENT PLANNING

LOOKING TOWARD

THE FUTURE.

Developed by

L. Dawn Barnes, CFCS, Extension Agent

Virginia Cooperative Extension


Retirement considerations

Retirement Considerations

  • Financial

  • Family & Social Relations

  • Nutrition/Health/Exercise

  • Employment

  • Living Location/Arrangement

  • Use of Time

  • Travel


Sources of retirement income

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

Continued Employment

  • Full Time

  • Part Time

  • Income from a hobby


Employer sponsored retirement plans

Employer Sponsored Retirement Plans

  • Pensions

    • Defined Benefit

    • Defined Combination

  • Profit Sharing

  • Deferred Compensation


Defined benefit plans

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

Defined Contribution

  • Noncontributory vs. Contributory

  • Portability

  • Salary reduction plans


Salary reduction plans

Salary Reduction Plans

401(k)

403(b) 457

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


Profit sharing

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

Deferred Compensation

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


Personal retirement plans

Annuities

Individual Retirement Accounts

Keogh Accounts

Simplified Employee Pension Plans

Other Personal Investments

Personal Retirement Plans


Annuities

Annuities

  • Earnings grow tax free

  • Immediate

  • Deferred


Individual retirement arrangements accounts

Individual Retirement Arrangements (Accounts)

  • Traditional

    • Deductible

    • Non-deductible

  • Roth

    • Non-deductible


Individual retirement arrangements

Individual Retirement Arrangements


Keogh accounts

Keogh Accounts

  • More expensive to set up

  • Allows contribution of self-employment income


Social security

Social Security

  • FICA taxes

  • Unfunded Pension Plan

  • Currently full benefits at 65


Considerations in planning comfortable retirement

Considerations in Planning Comfortable Retirement

1.Determine Probable Retirement Expenses


Considerations in planning comfortable retirement1

Considerations in Planning Comfortable Retirement

2.Determine Probable Retirement Income


Considerations in planning comfortable retirement2

Considerations in Planning Comfortable Retirement

3. Evaluate Your Assets


Considerations in planning comfortable retirement3

Considerations in Planning Comfortable Retirement

4.Compare Expenses, Income, Assets


Considerations in planning comfortable retirement4

Considerations in Planning Comfortable Retirement

5.Make the Necessary Changes


Summary of retirement planning

Summary of RetirementPlanning

  • Start early while time is still on your side

  • Consider all the options

  • Consult professionals

    if you have questions


  • Login