Your retirement plan. Know how much to contribute. CUNA Mutual Retirement Solutions People driven. Outcome focused.

Transcription

1 Your retirement plan. Know how much to contribute.

2 Something to think about. 75% say they would save more if they could do it over. Income & Wealth Study, 2012, University of Michigan Page 2

3 Agenda. 1. What you can control 2. How much to contribute 3. Resources Page 3

4 Retirement income sources. Investments 11% Cash 3% Social Security 35% Pension 17% Earned Income 34% Fast Facts and Figures About Social Security, Social Security Administration, 2014 Page 4

5 Steps to retirement. Know how much to contribute Set your investment strategy Keep on target and contribute more each year Page 5

6 What can you control? The #1 factor you can control is your contribution amount. Page 6

7 Good news. You don t have to be an investment expert to have a solid investment plan. Page 7

8 So, how much should you contribute? Page 8

9 In it s simplest form Best Better Good Page 9

10 Determine your contribution amount. Set your goals Include your current savings Project your future savings Page 10

11 Know your income replacement ratio. Typically, 80% of your current income will allow you to maintain your standard of living in retirement. Page 11

12 Consider your retirement lifestyle. 1. Will you be debt free, mortgage free? 2. Will you be supporting kids or parents? 3. Might health care needs become expensive? 4. Are you planning significant travel or expensive hobbies? Page 12

13 Clarity drives retirement savings. 9 of 10 participants who say they know what they ll need in retirement are actively planning for it. Blackrock s 2013 Retirement Survey Page 13

14 Are you on target? Page 14

15 The power of RetireOnTarget. View a snapshot of your savings Run scenarios See what you can do now to meet your goals Page 15

16 The confidence of being on target. RetireOnTarget gives me a clear picture of where I m headed and when I can retire. Christine Henzig, Wisconsin Credit Union League Page 16

17 Make it easy to raise your contributions. Consider a 1% increase now and on an annual basis. Or, raise your contribution with each pay increase. Page 17

18 Increase your contribution amount. Make the change online or touch base with your plan administrator and fill out a quick form. Select a percentage rather than a dollar amount. Page 18

19 A word about your starting age... When you start saving has an impact on how much you may need to contribute into your plan. Page 19

20 Don t retire your savings before you retire. Leave it, roll it over, but don t cash out! Page 20

21 Help is available. Make the most of RetireOnTarget and resources on BenefitsforYou. Call your advisor or the Investor Guidance Center, , Mon. Fri., 7 a.m. 5 p.m. CT. Near retirement? Plan your transition with RetiredOnTarget (also on BenefitsForYou). Page 21

22 Thank you for your time. CUNA Mutual Retirement Solutions is a division of CUNA Mutual Group and the marketing name for CPI Qualified Plan Consultants, Inc., a CUNA Mutual Group member company. CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Annuity insurance products are issued by CMFG Life Insurance Company, located in Madison, Wisconsin. Each insurer is solely responsible for the financial obligations under the policies and contracts it issues. Securities distributed by CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer, 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. Representatives offer retirement and investment education but do not provide investment, legal or tax advice. Participants are encouraged to consult their own advisors. CMRS CUNA Mutual Retirement Solutions, 2015 All rights reserved Rob Peters Senior Strategist CUNA Mutual Retirement Solutions Ext Rob.Peters@cunamutual.com Page 22