Are you ready to retire?

Transcription

1 Are you ready to retire? Six steps to take now. Rob Peters, Senior Strategist.

2 Agenda. 1. Develop a strategy. 2. Create your budget. 3. Get quotes on guaranteed income. 4. Maximize your Social Security. 5. Prepare for larger expenses. 6. Decide in-plan or rollover. Page 2

3 Develop a strategy. Basic Expenses Guaranteed lifetime income sources Flexible Spending Income and growth investments Social Security Pensions Annuities Income accounts Allocation funds Managed accounts Page 3

4 Spending patterns in reality. Page 4

5 Budgeting tools. Retirement Budget Estimator Retirement Profile Page 5

6 Start with the essentials. Page 6

7 Next with the rest. Page 7

8 Guaranteed income sources. Annuities Pensions Social Security Page 8

9 Social Security. Visit ssa.gov Apply online Call them at Visit your local office Establish My Social Security Account Get quotes Determine optimum claiming strategy Apply for benefits 3 months in advance View Social Security learning modules Page 9

10 Maximize Social Security benefits. Consider delaying social security benefits. Consider maximizing strategies. Seek professional consultation.

11 Annuities: secure income in retirement. Annuity type Payment longevity Benefits Life Only 5 Year Certain & Life 10 Year Certain & Life Life Only with Cash Refund Joint and Survivor Fixed Installment Method Guaranteed for your lifetime Guaranteed for your lifetime or 5 or 10 years of payments, whichever is longer Guaranteed for your lifetime plus the remaining balance to a beneficiary Guaranteed for lifetime of both you and your spouse Guaranteed for a number of years ( i.e., 20 years) of your choosing Provides highest income of all lifetime options Assures a continued income to your beneficiary for a set period of time in the event of your early death Provides peace of mind that the return of your full principal investment is guaranteed Provides for you and your spouse. Enjoy your retirement to its fullest potential Provides you with a maximum income for a selected number of years Page 11

12 Request a quote. Benefit Options Monthly Payment Single Life Annuity $1, Certain and Life Annuity 5-Year Certain and Life Annuity 10-Year Certain and Life Annuity 15-Year Certain and Life Annuity Joint and Survivor Annuity 50% Joint and Survivor Annuity 75% Joint and Survivor Annuity 100% Joint and Survivor Annuity $ $ $ $ $ $ Lump Sum $100, Page 12

13 Plan ahead for big ticket items. Expect to spend more in early years. Don t spend down your income sources. Page 13

14 Increase your what if fund. Page 14

15 Rollover or leave it? Leave it in your plan Ease of implementation Annuitization options Good pricing Rollover to IRA Break from employer Possibly more options Spouse/partner coordination Page 15

16 Planning reduces your risks. Page 16

17 RetiredOnTarget Page 17

18 Personalized support resources. Explore RetiredOnTarget on Call the Investor Guidance Center, , Mon. Fri., 7 a.m. 5 p.m. CT. Page 18

19 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 Page 19