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Donna Lettermans Top 10 Retirement Planning Checkpoints

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									 D. Letterman’s Top 10
  Retirement Planning
Checkpoints for Educators

       Dr. Joyce Cavanagh
      Dr. Cynthia Crawford
University Outreach and Extension
      University of Missouri
     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
    #10. Take Me Out to
     the Ball Game

*   Will you be watching the game
    from left field or a box seat   behin
                                    behi
    home plate?
*   How to hit a home run
*   www.asec.org
    #10. Take Me Out to
     the Ball Game

*   Will you be watching the game
    from left field or a box seat   behin
                                    behi
    home plate?
*   How to hit a home run
*   www.asec.org
               #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
         #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!
         #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!
             #7. Taxing Matters
*   Tax consequences are only one factor in
    decision making
*   Principle and gains:
     – Taxable
     – Tax-deferred
     – Tax exempt
        #6. But, I Don’t Have Any
             Money to Save

*   No matter how modest your income,
    you CAN save
*   Take our 30 day challenge
*   If you don’t care about your retirement
    income who will?
#5. Retirement Planning Is
    More Than Money
  *   Housing
  *   Travel
  *   Social
  *   Emotional
  *   Transition process - don’t be
      taken by surprise
#4. Time, Not Timing, In the
          Market
   *   Risk vs. Return
   *   Today is the best
       day to begin saving
    #3. Know Your Benefits
*   Do you and your spouse know about:
    – Disability insurance
    – Life insurance
    – Retirement plan/income
    – Health care
    – Long term care insurance
    #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
            #1. Define Your Goals


*   Think’em and ink’em!
*   But don’t chisel’em in stone
*   Involve family members
    – Individual goals
    – Family goals
    – Put’em where you see’em

								
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