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Assisting Financial Readiness to Retire Richmond Chapter ISCEBS September 13, 2012

Assisting Financial Readiness to Retire Richmond Chapter ISCEBS September 13, 2012. Concept Review. Case Studies. General Concepts. Pay, Salary, Income Gross versus Net Income Federal and State Taxes. General Concepts.

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Assisting Financial Readiness to Retire Richmond Chapter ISCEBS September 13, 2012

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  1. Assisting Financial Readiness to RetireRichmond Chapter ISCEBSSeptember 13, 2012

  2. Concept Review

  3. Case Studies

  4. General Concepts • Pay, Salary, Income • Gross versus Net Income • Federal and State Taxes

  5. General Concepts • Pre-tax -- Contributions made to a retirement plan before taxes are calculated. • Tax-Deferred -- The postponement of income taxes on contributions or earnings to a retirement plan until the money is withdrawn • Asset -- A resource that has economic value to its owner. Examples of an asset are cash, real estate, and securities.

  6. Retirement Calculators • http://apps.finra.org/investor_information/calculators/2/retirementcalc.aspx • http://www.dinkytown.net/java/RetirementPlan4.html • http://www.choosetosave.org/ballpark/index.cfm?fa=interactive

  7. Retirement Terms

  8. Tools to Assist in Planning for Retirement • Basic Financial Education workshops • Guide to Budgeting Leslie E. Linfield, Institute for Financial Literacy • Guide to Understanding Personal Finance VB Morris and KM Morris, Standard & Poor’s • Don’t Just Retire app & book Richard Atkinson and Andrew Burke

  9. Questions??

  10. Assisting Financial Readiness to RetireRichmond Chapter ISCEBSJackie P. Jackson, CEBS

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