D. Lettermans Top 10 Retirement Planning Checkpoints for Educators

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D. Lettermans Top 10 Retirement Planning
Checkpoints for Educators

• Dr. Joyce Cavanagh
• Dr. Cynthia Crawford
• University Outreach and Extension
• University of Missouri

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We have nothing to sell you

• Educators on the faculty of the University of
  Missouri
• Our job is adult education
• The state is our campus
• Unbiased, research based information

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10. Take Me Out to the Ball Game

• Will you be watching the game from left
  field or a box seat behind home plate?
• How to hit a home run
• www.asec.org

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10. Take Me Out to the Ball Game

• Will you be watching the game from left
  field or a box seat behind home plate?
• How to hit a home run
• www.asec.org

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9. Send for Social
Security Benefits Estimate

• Social security retirement benefits were designed
  to supplement other income sources.
• Review benefits estimate on regular basis to
  detect any errors
• www.ssa.gov

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8. When Will You Pay Yourself?

• A dollar today is worth ? tomorrow
• Time value of money
• Consequences of delaying saving
• Better late than never, but better early than
  late!

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8. When Will You Pay Yourself?

• A dollar today is worth ? tomorrow
• Time value of money
• Consequences of delaying saving
• Better late than never, but better early than
  late!

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7. Taxing Matters

• Tax consequences are only one factor in decision
  making
• Principle and gains
• Taxable
• Tax-deferred
• Tax exempt

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6. But, I Dont Have Any Money to Save

• No matter how modest your income, you CAN save
• Take our 30 day challenge
• If you dont care about your retirement income
  who will?

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5. Retirement Planning Is More Than Money

• Housing
• Travel
• Social
• Emotional
• Transition process - dont be taken by
  surprise

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4. Time, Not Timing, In the Market

• Risk vs. Return
• Today is the best day
  to begin saving

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3. Know Your Benefits

• Do you and your spouse know about
• Disability insurance
• Life insurance
• Retirement plan/income
• Health care
• Long term care insurance

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2. Life-cycle Financial Planning

• Early career
• Mid career
• Late career
• Careful of falling into the American Way of
  debt management rather than managing long term
  savings

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1. Define Your Goals

• Thinkem and inkem!
• But dont chiselem in stone
• Involve family members
• Individual goals
• Family goals
• Putem where you seeem