Catch Up Strategies For Late Savers. Types of Late Savers. Procrastinators with little or no savings Catch-up savers making up for lost time People who lost investment money . Class Topics. Amount of money needed to retire Retirement planning tools Tax incentives for catch-up savers
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Business travel & clothing
Social Security taxes
Retirement plan savings
College & child-rearing expenses
Begin or Increase:
Travel & entertainment
Medical & dental expenses
Long-term care insurance
Volunteer expensesFuture Expenses Will Change
General order of asset withdrawals:
Do NOT use a potential inheritance as an excuse not to save
Too many unknowns (e.g., donor’s health and longevity)
Encourage the donor to purchase LTC insurance to preserve assets
Adult children may pay LTC premiums
As a Donor
Exclude value of bequests from retirement savings calculation OR
Plan to save more than savings analyses indicateInheritances
Remember, various retirement catch-up strategies can be combined. Example: Increase 401(k) savings by 2% + move to smaller home + delay retirement date by two years.
To download, the Guidebook to Help Late Savers Prepare For Retirement, visit www.nefe.org
For information about the Financial Security in Later Life Extension national initiative, visit wwwreeusda.gov/financialsecurity.