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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

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



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 retirement3
Considerations in Planning Comfortable Retirement

4. Compare Expenses, Income, Assets



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