1 today’s economy: life stages retirement planning presented by cigna employee assistance program...
Post on 21-Dec-2015
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TRANSCRIPT
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Today’s Economy:Life Stages Retirement Planning
Presented by
CIGNA Employee Assistance Program
and CLC Incorporated
Copyright 2008 CIGNA HealthCare – Confidential & Privileged – Not for Distribution
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Greg Porter
Mr. Porter is a CFP® (Certified Financial Planner), Certified Financial Educator, (CFEd®) and Certified Credit Counselor
He has over 19 years experience in the financial services industry
He has worked as a stockbroker, retirement analyst, and Vice-President with a registered investment advisory firm
He has a B.A.degree (Management), from California State University, Sonoma
Your Presenter
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Today’s Agenda
We will discuss the best things to do now to optimize retirement, whatever your age:
Unsettling Economy
Getting Started: 20s and 30s
Prime Time: 40’s and 50’s
Head for the Finish Line: 55 to 65
At Retirement
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Unsettling Economy
Your investments may be reflecting these very unsettled financial times
Stock markets sometimes move dramatically
If concerned about volatility, make sure your investments match your risk tolerance
Your 401k-plan administrator should have tools available to match your risk tolerance with the investments available - take advantage of those
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Retirement Planning Puzzle
Retirement planning involves fitting together many puzzle pieces to provide your ideal situation.
Mortgage
Moving
IRA
Annuities401(k)
Debt
College
InsuranceBudgeting
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Getting Started: 20s and 30s
Get ahead of the game
Eliminate debt
Contribute to employer retirement plan
Establish an IRA
Save part of any windfall cash received
Don’t cash out retirement plan if changing jobs
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Prime Time: 40’s and 50’s
Set goals regarding retirement lifestyle
Consider boosting mortgage payment for a “mortgage-free” retirement
Review/establish estate-planning
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Determine the Price of Potential Retirement Objectives
Maintain current standard of living
Learn a new skill or hobby
Purchase a 2nd home
Relocate
Travel and entertainment
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Ways to Retire Sooner Than Later
Reduce expenses and invest the savings
Invest aggressively (not carelessly)
Retire, but work part-time
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Head for the Finish Line: 55 to 65
Take inventory
Review life and homeowners insurance
Review retirement benefits you will receive from prior employers
Determine Social Security benefits
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Head for the Finish Line: 55 to 65
Develop a retirement budget – prior to retirement
Plan for medical expenses and long term care needs
Consider rollover strategies
Do tax planning around retirement goals
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When You Retire…
Make smart withdrawals
Factor minimum withdrawals (70½)
Factor effect of inflation on investments and withdrawals
Transfer monthly “paycheck” from liquid savings to aid retirement transition
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We hope you have gained a better understanding of what you can do now to optimize retirement.
It is our hope that you can use the information to feel more confident in making important financial decisions.
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The information presented is not to be a substitute for seeking advice specific to your situation from a legal or financial professional. If legal or financial advice is required, contact an attorney or financial advisor.
This presentation, and any handouts, were created and/or distributed by CLC Incorporated (CLC). The content hereof, together with any attachments, are subject to Federal and State Copyright and Trademark protections. This content may not be used, reproduced or distributed in any manner, in whole or in part, without the prior written consent of CLC Incorporated.