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1 Welcome
2 Client logo. Right align. No wider or taller than this box. If no client logo, delete white box covering trusty. RETIREMENT READY
3 This presentation has been prepared by T. Rowe Price Investment Services, Inc., for general education and informational purposes only and is not intended to provide legal, tax, or investment advice. This material does not provide fiduciary recommendations concerning investments or investment management; it is not individualized to the needs of any specific benefit plan or retirement investor, nor is it directed to any recipient in connection with a specific investment or investment management decision. Any tax-related discussion contained in this presentation, including any attachments, is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding any tax penalties or (ii) promoting, marketing, or recommending to any other party any transaction or matter addressed herein. Please consult your independent legal counsel and/or professional tax advisor regarding any legal or tax issues raised in this presentation.
4 re tire ment /rә`ti(ә)r mәnt/ noun The action or fact of leaving one s job and ceasing to work.
5 DO I HAVE ENOUGH? AM I ON TRACK? HOW MUCH DO I NEED? CAN I RETIRE EARLY?
6 REPLACEMENT INCOME 75% It is T. Rowe Price s view that investors will need 75% of their income in retirement.
7 REPLACEMENT INCOME Wages Savings Social Security Pensions
8 86 % of workers expect Social Security to be an income source 88 % of current retirees report Social Security as an income source Source: Employee Benefit Research Institute and Mathew Greenwald & Associates, Inc., 2017 Retirement Confidence Survey.
9 78 % of workers expect their employersponsored savings to be an income source 50 % of current retirees report employersponsored savings as an income source Source: Employee Benefit Research Institute and Mathew Greenwald & Associates, Inc., 2017 Retirement Confidence Survey.
10 WHAT ROLE WILL YOUR RETIREMENT SAVINGS PLAY?
11 RETIREMENT SAVINGS: HOW MUCH? IF YOU ARE: WORK TOWARD HAVING: half of your salary saved today 1x your salary saved today 2x your salary saved today 4x your salary saved today 6x your salary saved today 8x your salary saved today 10x your salary saved today 12x your salary saved today Assumptions: Individuals have saved (from age 25 to a retirement age of 65) 15% of their annual salary (increased by 3% each year) in a tax-deferred retirement account with a pre-retirement portfolio consisting of 60% stocks/30% bonds/10% short-term bonds, changing to 40% stocks/40% bonds/20% short-term bonds during retirement. Gross retirement income through age 95 is estimated to equal 75% of pre-retirement salary, consists of annual retirement account withdrawals of 4% plus estimated Social Security benefits (both beginning at age 65), and is increased by 3% annually for inflation. The savings benchmark analysis is based on results from the T. Rowe Price Retirement Income Calculator, which considers 1,000 market simulations and an 80% simulation success rate, using hypothetical age 65 salaries of $70,000, $100,000 and $110,000. That tool s methodology and assumptions are explained in detail at troweprice.com/ric. Users should consider their own circumstances. Results may not apply to earnings that vary substantially from modeled salaries.
12 THE LEVERS: WHAT YOU CAN ADJUST LESS MORE WAGES SAVINGS SOCIAL SECURITY HOUSEHOLD PLAN
13 SOCIAL SECURITY: DELAYING Retirement savings draws down over time Start receiving Social Security benefits at age 70 Social Security Payment: $20,916 Start receiving Social Security benefits at age 62 Social Security Payment: $10, Social Security payments calculated using the Social Security Quick Calculator. This assumes an individual who is currently age 62 in 2016 (date of birth 2/28/54), who is continuing to work, and who is earning $40,000 each year until benefits begin. All figures reflect current dollars. Actual benefits would be higher to reflect future adjustments for inflation. Each year that this individual waits to initiate his/her Social Security benefits, his/her annual retirement income from Social Security would increase by about 7% to 8%, regardless of any potential increases due to additional years of earnings. These results are for illustrative purposes only and are generic in nature. Source: Social Security Quick Calculator, February 2016.
14 YOU HAVE OPTIONS YOUR RETIREMENT SAVINGS Address current expenses Defer taxes CASH DISTRIBUTION LEAVE IN CURRENT PLAN NEW EMPLOYER S PLAN ROLLOVER IRA
15 RETIREMENT INCOME: FIRST YEAR WE BELIEVE THE INITIAL WITHDRAWAL PERCENTAGE FOR MOST INVESTORS SHOULD BE 4 % Increase dollar amount by 3% in subsequent years (based on 3% inflation assumption)
16 RETIREMENT INCOME: $500,000 SAVED $24,000 $22,000 $20,000 withdrawal ($500,000 x 4%) $20,600 withdrawal ($20,000 x 1.03) $21,218 withdrawal ($20,600 x 1.03) $20,000 $18,000 First Year Second Year Third Year This illustration is hypothetical and not representative of any specific investment or strategy. All investments involve risk, including possible loss of principal.
17 RETIREMENT INCOME: TYPICAL ORDER Taxable Accounts Tax-Deferred Accounts Tax-Free Accounts We believe this allows the tax-advantaged accounts to stay invested longer for most investors
18 WHAT ABOUT HEALTHCARE?
19 Top Five Fears About Retirement % 33% 27% 19% 17% Running out of money Health issues Health care costs Not being able to meet monthly expenses Not being able to maintain standard of living Source: 2017 PWC Employee Financial Wellness Survey PWC s Employee Financial Wellness Survey tracks the financial and retirement well-being of working U.S. adults nationwide. This year it incorporates the views of over 1,600 full-time employed adults representative of the U.S. population by age and gender. The margin of error is +/- 3%. Participants have been categorized by generation using the following age groups: 21 to 35 (Millennials), 36 to 56 (Gen X) and 57 to 74 (Baby Boomers). New questions added to the 2017 survey are highlighted throughout the report.
20 How the Health Care Dollar Is Spent 20% Doctor Visits and Services 32% Hospital Care 4% Dental Services 29% Other 5% Nursing Home 10% Prescription Drugs Source: Centers for Medicare and Medicaid Services, National Health Expenditures 2016 Highlights Report
21 Medicare Does Not Cover All Retirement Health Care Costs WHAT MEDICARE COVERS Inpatient hospital costs WHAT MEDICARE DOES NOT COVER Hearing aids Surgeries Most vision care Doctor visits Lab tests Preventive screenings Equipment, such as wheelchairs Most dental care Personal aid services to help you stay in your home Most nursing home and other long-term care Assisted living Medicare is representative of Part A and Part B coverage. Source: Medicare.gov 2017
22 Health Care Costs in Retirement Fall Into Two Categories 1 THE Predictable 2 THE Unpredictable
23 The Predictable Costs To cover Medicare, Americans over age 65 will have monthly premiums between $134/month and $559/month, depending on their income and choice of coverage. Source: Medicare.gov rates for Part B are based on 2015 income.
24 The Predictable: Medicare and Medigap MONTHLY BUDGET FOR HEALTH CARE IN RETIREMENT IN 2017 $ $ 203 = $ 390 Monthly Medicare Part B and Part D premiums for those in the lowest income bracket 2 Estimated monthly Medigap insurance premium 2 (average national monthly premium) Combined monthly costs 2 1 Centers for Medicare & Medicaid Services. 2 Assumes person (or couple) has less than $85,000 (or $170,000) in annual income in 2016 based on their tax returns and has average national monthly Medicare Part D coverage. Sources: Medicare.gov, Jester Financial Technologies.
25 THANK YOU. IT S YOUR FUTURE.
26 THANK YOU. SAVE ENOUGH FOR RETIREMENT.
27 THANK YOU. CONTACT US FOR HELP.
28 THANK YOU. T. Rowe Price Investment Services, Inc. C6FTPSPRH /18
GUIDE YOUR CLIENTS TO PLAN FOR RETIREMENT HEALTH CARE COSTS
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