Investing For Your Best Years : Retirement. Module Objectives. After completing this module you should be able to: Understand how to define retirement goals Understand how to reach your retirement financial goals
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After completing this module you should be able to:
No longer can you only dependon Social Security incomealone. Otherforms of incomewillbenecessarytocoveryourfuturefinancialneeds.
A conservative rule of thumbisto set yourgoals as onneeding at least 80% of yourcurrentincomewhenyou retire. Butyouneedtoconsiderthefollowing:
Yourlifeexpectancyisinfluencedby a number of factors, fromyourfamilyhistorytoyour personal lifestyle. As a rule of thumb, plan for living 100 years and receivingretirementincomethroughoutthisperiod.
Answeringthisquestionalongwithyourlifeexpectancywillhelpyou define yourretirementfinancialgoal. Thisiswhereyouwillneedtoprojectwhatyourlifestylewillbe and whatyourwants and needsmightbe once you retire. Youwillneedtodevelop a retirementbudgettohelpyouprojectwhatyour expenses mightbe.
How Much Should I Expect to Receive From Social Security?
Pros and Cons of Retiring Before Full Retirement Age
There are advantages and disadvantages to taking your benefit before your full retirement age. The advantage is that you collect benefits for a longer period of time. The disadvantage is your benefit is permanently reduced. Each person's situation is different,
An IRA is a personal savings plan thatprovidesincometaxadvantagestoindividualssavingmoneyforretirementpurposes.
One potential way to save more: maximize tax-advantaged savings accounts such as Traditional IRAs and 401(k)s. (Subject to retirement plan participation status and adjusted gross income limits.) This will reduce the bite Uncle Sam takes from your paycheck and investment earnings, allowing more of the money you earn the potential to grow.