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Chapter 1: Introduction to Retirement Planning

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Benefits a large part of this (health insurance and vacation) ... Insurance Companies. Wirehouses. Brokerage Firms. 7. Government ... – PowerPoint PPT presentation

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Title: Chapter 1: Introduction to Retirement Planning


1
Retirement Planning and Employee Benefits for
Financial Planners
  • Chapter 1 Introduction to Retirement Planning

2
Interested Parties
  • Employees
  • Employers
  • Professionals
  • Government

3
Employees
  • Money work instead of you
  • Financial independence
  • View benefits as part of overall compensation.
  • Would rather pay costs with pre-tax dollars.
  • Include retirement plans and benefits in their
    overall financial plan.
  • Defined benefit versus defined contribution

4
Myths and Facts
  • Myth 70 say they plan to work in retirement.
  • Fact Only 28 of retirees actually work.
  • Myth 25 want to retire at age 65, 25 want to
    retire at age 66.
  • Fact Average individual retires at age 62.
  • Myth Only 13 expect Social Security to be
    their largest source of retirement income.
  • Fact 44 of current retirees report that
    Social Security is actually their largest source
    of income during retirement.

5
Employers
  • View retirement plans and employee benefits as
    part of overall compensation costs.
  • Costs add an additional 30 - 40 to payroll
    expenses.
  • Benefits a large part of this (health insurance
    and vacation)
  • Use employee benefit plans to recruit, hire, and
    maintain qualified workers.

6
Interested Institutions
  • Approximately 18 trillion in tax-deferred
    accounts (2011)
  • Sticky money
  • Banks
  • Mutual Funds
  • Insurance Companies
  • Financial Advisors

7
Government
  • Promotes social change through tax legislation.
  • Sponsors the Social Security and Medicare systems
    which act as a safety net for individuals.
  • Has a vested interest in taxing deferred
    accounts.
  • Sooner rather than later?

8
Perspective of the TextA Financial Planner
  • To provide clients with appropriate retirement
    planning, the financial planner must have a
    thorough knowledge of
  • Retirement Funding and Forecasting
  • Qualified Plans
  • Shift from defined benefit to defined
    contribution plans
  • Tax-Advantaged Plans
  • Nonqualified Plans
  • Medicare, Social Security
  • Employer-Provided Fringe Benefits
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