Preparing for Retirement at ANY Age

Transcription

1 Preparing for Retirement at ANY Age Sue Godfrey, Manager Retirement & Investment Solutions Center RPS CEC

2 To Work or Not To Work We re seeing more than three quarters of mature workers putting off retirement, largely due to financial concerns... Brent Rasmussen CareerBuilder North America 2013 RPS CEC 2

3 What Retirees Say 75% report if they could do it over again, they would save more Income & Wealth Study, 2013, University of Michigan RPS CEC 3

4 It Doesn t Have to Be Difficult or Complicated We re here to help Tools and resources make retirement planning easy RetireOnTarget Retirement & Investment Solutions Center RPS CEC 4

5 Today s Topics 1. Universal Steps to Plan Your Retirement at ANY Age 2. Keeping it Simple 3. Age-specific Planning 4. Retiring without Worry Your retirement needs are unique and there s no time like now to plan RPS CEC 5

6 Audience Survey Question #1 What age bracket do you fall into? Please answer the poll on the right side of your screen. RPS CEC 6

7 Universal Steps 1. Maximize your employer-sponsored plans 2. Have an emergency fund 3. Make sure your portfolio is ageappropriate 4. Stick with your plan The market might fluctuate but your contribution amount over time is the top factor leading to your successful retirement RPS CEC 7

8 Keep it Simple Focus on what YOU can do And stick to your plan! RPS CEC 8

9 Age-specific Planning: Early Years The 20 s Max out employer and government-sponsored plans Keep a tax balance Tax-deferred Roth Taxable Invest appropriately RPS CEC 9

10 Age-specific Planning: Early Years Compound interest is the eighth wonder of the world. He who understands it, earns it Albert Einstein RPS CEC 10

11 Age-specific Planning: Mid Years Mid-career, 30 s 50 s Think long term Build financial intelligence Keep accurate records Don t raid your retirement accounts RPS CEC 11

12 Audience Survey Question #2 In most cases, what s the government-required penalty if you withdraw money from your retirement accounts before the age of 59½? Please answer the poll on the right side of your screen. RPS CEC 12

13 Age-Specific Planning: Nearing Retirement 5-10 years to retirement Create an estimate Pay off consumer debt Pay down the mortgage Review insurance coverage Get health insurance estimates Research long-term care insurance Encourage independence for dependents RPS CEC 13

14 Age-specific Planning: Nearing Retirement 1-3 years to retirement Review Social Security and pension benefits Decide on long-term care insurance Color in your dream Test drive your dream RPS CEC 14

15 Age-specific Planning: Nearing Retirement 12 months to retirement Get organized File for defined benefits (i.e. Social Security, pension) Finalize your income replacement plans Finalize your long-term care strategy Finalize your health insurance coverage RPS CEC 15

16 It s all about YOU RPS CEC 16

17 RetireOnTarget Homepage Guidance Goals Retirement Assets RPS CEC 17

18 Goals and Information Savings goal Income goal Contributions Editing contributions and salary RPS CEC 18

19 Changing Your Goals Retirement age Income replacement RPS CEC 19

20 Retirement Income Details RPS CEC 20

21 Put Me on Target Change contributions Change investments Transfer existing funds between investments RPS CEC 21

22 Comfort of Being On Target RPS CEC 22

23 Summary of Action Steps RPS CEC 23

24 Retiring with Confidence Your retirement vision and needs are unique We re here to help you get there Plan today, so you can retire tomorrow without worry RPS CEC 24

25 Audience Survey Question #3 Has this session taught you something new or reminded you of a priority of focus? Please answer the poll on the right side of your screen. RPS CEC 25

26 Thank you! Need help? Call us! Retirement and Investment Solutions Your Benefits Center, Monday Website Friday, 8 a.m. 5 p.m. CT Representatives are registered, securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free Non-deposit investment and insurance products are not federally insured, involve investment risk, may lose value, and are not obligations of or guaranteed by the financial institution. Retirement and Investment Solutions Center team members offer retirement education and do not provide legal or tax advice. If advice is needed, participants are encouraged to consult their own legal or tax expert. CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Life, accident, health and annuity insurance products are issued by CMFG Life Insurance Company. Each insurer is solely responsible for the financial obligations under the policies and contracts it issues. Corporate headquarters are located in Madison, Wisconsin. CUNA Mutual Group, 2013 RPS CEC 26