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RETIREMENT PLANNING

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A PLAN FOR LEISURE TIME. A COMPLETED INSURANCE REVIEW. GOOD MEDICAL INFORMATION ... LEARNING IS INFLUENCED BY MOTIVATION AND RESPONSE TIME. ... – PowerPoint PPT presentation

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Title: RETIREMENT PLANNING


1
RETIREMENT PLANNING
  • DR. NEIDERMEYER

2
FOCUS POINTS
  • YOUR BODY
  • YOUR MIND
  • YOUR SPIRIT
  • YOUR WALLET

3
PERSONAL CHECKLIST DO YOU HAVE ..?
  • A HEALTH AND EXERCISE PLAN
  • A PLAN FOR LEISURE TIME
  • A COMPLETED INSURANCE REVIEW
  • GOOD MEDICAL INFORMATION
  • A PLAN FOR VOLUNTEER INVOLVEMENT
  • A LEGAL WILL OR ESTATE PLAN
  • AN EXPANDING LIST OF FRIENDS

4
CHECKLIST CONTINUED
  • ENOUGH HOBBIES
  • AN UNDERSTANDING OF RETIREMENT
  • A SECURITY ANALYSIS OF YOUR HOME
  • AN INCOME CONTINUATION PLAN
  • A CHOICE OF RETIREMENT LOCATION
  • A PHYSICAL EXERCISE PROGRAM
  • AN EDUCATIONAL PROGRAM

5
CHECKLIST CONTINUED
  • AN AWARENESS OF THE AGING PROCESS
  • SOME TRAVEL PLANS
  • A RELAXATION PROGRAM
  • AN AWARENESS OF SOCIAL SECURITY
  • A WRITTEN FINANCIAL DATABASE
  • AN AWARENESS OF OTHER CAREERS
  • AN UNDERSTANDING OF YOUR PERQS

6
ATTENTION GETTERS
  • Go to the following website to determine if
    retirement planning is necessary for you
  • www.livingto100.com
  • Access this site if you had an acceptable
    timetable offered by the other website
  • www.analyzenow.com

7
COMPONENTS OF RETIREMENT PLANNING
  • BIOLOGICAL
  • SOCIOLOGICAL
  • PSYCHOLOGICAL
  • FINANCIAL

8
BIOLOGICAL CONCERNS
  • DEVELOP AN AWARENESS OF THE NORMAL AGING
    PROCESS.
  • KEEP PHYSICALLY FIT PROPER DIET, EXERCISE, AND
    MONITORING.
  • KNOW YOUR EXPOSURES ARTHRITIS, DIABETES, HEART
    DISEASE AND VISION/HEARING DEFICIENCIES
  • STAY ABREAST OF MITIGATION TREATMENTS

9
SOCIOLOGICAL CONCERNS
  • SAMUEL JOHNSONS QUOTE, A INDIVIDUAL, SIR, MUST
    KEEP HIS/HER FRIENDSHIPS IN CONSTANT REPAIR.
  • CONTINUE TO EXPAND YOUR FRIEND CIRCLE AND ACCEPT
    YOUR NEW ROLE.
  • ENGAGE IN VOLUNTEER PROJECTS AND AVAILABLE CLUB
    ACTIVITIES.
  • SUCCESSFUL ADAPTATION IS CRITICAL

10
PSYCHOLOGICAL CONCERNS
  • LEARNING IS INFLUENCED BY MOTIVATION AND RESPONSE
    TIME.
  • DEVELOP PLANS FOR HOW YOULL SPEND YOUR EXPANDED
    TIME.
  • LIST 10 PERSONAL GOALS YOUD LIKE TO ACCOMPLISH
    WITH YOU NEW FREEDOM.
  • KEEP AN ACTIVE LEARNING FOCUS.
  • MEMORY IS ADEQUATE FOR MOST TASKS.

11
RETIREMENT CHOICES
  • WITH HOW MUCH?
  • WHEN?
  • WHERE?
  • WITH WHOM?

12
LEGS SUPPORTING RETIREMENT
  • Social security
  • Company / Self-funded pension
  • Personal investments / savings

13
FINANCIAL CONCERNS
  • ESTABLISH A WORKING RETIREMENT BUDGET.
  • DO NOT SPEND TOO MUCH TOO FAST FROM YOUR
    RETIREMENT NEST EGG.
  • REVIEW YOUR FINANCIAL REQUIREMENTS EVERY 3
    MONTHS.
  • REDUCE YOUR STRESS BY LIVING WITHIN YOUR MEANS.

14
THE RETIREMENT NEST EGG
  • EARLY PLANNING IS ABSOLUTELY NECESSARY.
  • YOU SHOULD BEGIN PLANNING FOR RETIREMENT WHEN YOU
    ACCEPT YOUR FIRST CAREER POSITION.
  • A GENERAL SUGGESTION IS SAVE 10 OF YOUR INCOME
    EACH PAYDAY FOR RETIREMENT.

15
THE RETIREMENT NEST EGG CONTINUED
  • HOW MUCH YOU HAVE SAVED FOR RETIREMENT WILL
    DEPEND ON THE FOLLOWING
  • WHEN YOU START SAVING.
  • HOW MUCH YOU SAVE.
  • THE PERFORMANCE OF YOUR INVESTMENTS.

16
MISTAKES AFFECTING RETIREMENT FUNDING
  • Forgetting about inflation
  • Underestimating taxes
  • Underestimating the time / money to be spent in
    retirement
  • Improper asset allocation
  • Unrealistic expectations
  • Failure to consider health issues
  • Failure to interface with estate plans

17
TIMING FOR RETIREMENT
  • TRY TO KEEP TIME ON YOUR SIDE
  • -EARLY
  • -MANDATORY
  • -VOLUNTARY
  • -FLEXIBLE

18
RETIREMENT LIVING ARRANGEMENTS
  • STAY PUT
  • MOVE (WHERE?)
  • TYPE OF LIVING ARRANGEMENT
  • SECURITY CONSIDERATIONS
  • ACCESSIBILITY CONSIDERATIONS

19
COMMENTS ON LIVING ARRANGEMENTS
  • Most older men live with spouses.
  • Over half of older women live alone.
  • Most nursing home residents are women.
  • Most elderly live within 30 minutes to an hour
    from family.
  • Most elderly are in daily contact (at least by
    phone).
  • Most prefer to live by themselves.
  • Family members provide major support for the
    independent living arrangements.

20
INFORMATION ON LIVING ARRANGEMENTS
  • Access the following website to obtain
    descriptions of various alternative living sites
    and arrangements www.retirementliving.com

21
PLAN YOUR RECREATION
  • HOBBIES
  • TRAVEL
  • RELAXING
  • SOCIALIZING

22
COMMENTS ON RECREATION
  • Involvement usually reflects earlier interests.
  • Lower income does not preclude involvement.
  • Physical changes may influence participation.
  • Activity promotes well-being.

23
RETIREMENT ASSIGNMENTS
  • Start Early!
  • Continue to fund and plan regardless of
    circumstances.
  • Re-balance in accordance with your goals.
  • Live so you can enjoy the fruits of your saving!
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