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Planning for Retirement - Local 94 Union HallPlanning for Retirement Presented by . Stacey Braun...

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1 Planning for Retirement Presented by Stacey Braun Associates, Inc. Provider of the I.U.O.E. Local 94 Financial Counseling Benefit
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Page 1: Planning for Retirement - Local 94 Union HallPlanning for Retirement Presented by . Stacey Braun Associates, Inc. Provider of the I.U.O.E. Local 94 . Financial Counseling Benefit .

1

Planning for Retirement

Presented by

Stacey Braun Associates, Inc. Provider of the I.U.O.E. Local 94 Financial Counseling Benefit

Page 2: Planning for Retirement - Local 94 Union HallPlanning for Retirement Presented by . Stacey Braun Associates, Inc. Provider of the I.U.O.E. Local 94 . Financial Counseling Benefit .

2

Planning for Retirement Pension Annuity Health Insurance Social Security

Defining Retirement Cash Flow Investments Taxation Insurance Estate Financial Assistance

Page 3: Planning for Retirement - Local 94 Union HallPlanning for Retirement Presented by . Stacey Braun Associates, Inc. Provider of the I.U.O.E. Local 94 . Financial Counseling Benefit .

3

Define Retirement Goals

Retirem

ent Goals

Age at Retirement? Where will you live? What debt will you have? What will you do? (Travel, Hobbies, etc.) What will your lifestyle be?

Page 4: Planning for Retirement - Local 94 Union HallPlanning for Retirement Presented by . Stacey Braun Associates, Inc. Provider of the I.U.O.E. Local 94 . Financial Counseling Benefit .

4

Retirement Expenses

Retirem

ent Expenses

Page 5: Planning for Retirement - Local 94 Union HallPlanning for Retirement Presented by . Stacey Braun Associates, Inc. Provider of the I.U.O.E. Local 94 . Financial Counseling Benefit .

5

Retirement Income

Retirem

ent Income

+ Pension + Social Security + Other Employment = Total Income - Less amount needed (Step 1) = Deficit or Surplus* * Will need to withdraw from retirement savings

Page 6: Planning for Retirement - Local 94 Union HallPlanning for Retirement Presented by . Stacey Braun Associates, Inc. Provider of the I.U.O.E. Local 94 . Financial Counseling Benefit .

6

Retirem

ent Accounts

Sources of Retirement Income

Pension Social Security Annuity Fund Other Accounts

Page 7: Planning for Retirement - Local 94 Union HallPlanning for Retirement Presented by . Stacey Braun Associates, Inc. Provider of the I.U.O.E. Local 94 . Financial Counseling Benefit .

7

Pension

Pension

Obtain an estimate Types Single Life (60 payments guaranteed) Joint (options - 50%, 66 2/3%, 100%) Factors Assume worst case scenario Does spouse have a pension? Insure your pension?

Page 8: Planning for Retirement - Local 94 Union HallPlanning for Retirement Presented by . Stacey Braun Associates, Inc. Provider of the I.U.O.E. Local 94 . Financial Counseling Benefit .

8

Social Security

Social Security

When?

Page 9: Planning for Retirement - Local 94 Union HallPlanning for Retirement Presented by . Stacey Braun Associates, Inc. Provider of the I.U.O.E. Local 94 . Financial Counseling Benefit .

9

Retirem

ent Accounts

Retirement Accounts

Annuity Account IRA Rollovers Roth IRAs

Page 10: Planning for Retirement - Local 94 Union HallPlanning for Retirement Presented by . Stacey Braun Associates, Inc. Provider of the I.U.O.E. Local 94 . Financial Counseling Benefit .

10

Retirem

ent Accounts

Timeline

Pension Social

Security

CASH NON RETIREMENT RETIREMENT

RMD’s

62 66/67 70 100

Page 11: Planning for Retirement - Local 94 Union HallPlanning for Retirement Presented by . Stacey Braun Associates, Inc. Provider of the I.U.O.E. Local 94 . Financial Counseling Benefit .

11

Investments

Investments Take a “Financial Snapshot”

Stocks, bonds and cash The closer you are to needing the funds, the safer

the funds should be Understand risk vs. reward Diversify

Page 12: Planning for Retirement - Local 94 Union HallPlanning for Retirement Presented by . Stacey Braun Associates, Inc. Provider of the I.U.O.E. Local 94 . Financial Counseling Benefit .

403(b)1 Investing

Historical Returns

0.10

1

10

100

1k

$100k

1926 1936 1946 1956 1966 1976 1986 1996 2006

Past performance is no guarantee of future results. Hypothetical value of $1 invested at the beginning of 1926. Assumes reinvestment of income and no transaction costs or taxes. This is for illustrative purposes only and not indicative of any investment. An investment cannot be made directly in an index. © 2014 Morningstar. All Rights Reserved.

$26,641

$4,677

$21

$13

$109

Compound annual return • Small stocks 12.3 % • Large stocks • Government bonds • Treasury bills • Inflation

10.1 5.5 3.5 3.0

10k

Investing

16

Page 13: Planning for Retirement - Local 94 Union HallPlanning for Retirement Presented by . Stacey Braun Associates, Inc. Provider of the I.U.O.E. Local 94 . Financial Counseling Benefit .

13

403(b)1 Taxation

Taxation

Pension: Fully taxable at Federal and State level. Social Security: Not taxed by New York. Up to 85% will be taxed at Federal level. Retirement Accounts: Fully taxable at Federal level. After $20,000 New York State tax exclusion, fully taxable at NY State level.

Required Minimum Distributions: Required at age 70 ½ from your retirement accounts.

Page 14: Planning for Retirement - Local 94 Union HallPlanning for Retirement Presented by . Stacey Braun Associates, Inc. Provider of the I.U.O.E. Local 94 . Financial Counseling Benefit .

14

403(b)1 Insurance

Insurance

Life Long-Term Care

Page 15: Planning for Retirement - Local 94 Union HallPlanning for Retirement Presented by . Stacey Braun Associates, Inc. Provider of the I.U.O.E. Local 94 . Financial Counseling Benefit .

15

403(b)1 Investing Estate Planning

Estate Planning

Wills Health Care Proxies/Living Wills/Power of Attorney Trusts/TOD Accounts Check Beneficiaries

Page 16: Planning for Retirement - Local 94 Union HallPlanning for Retirement Presented by . Stacey Braun Associates, Inc. Provider of the I.U.O.E. Local 94 . Financial Counseling Benefit .

16

403(b)1 Financial A

ssistance

Financial Assistance

Financial Counseling Benefit – Stacey Braun Associates Hiring a Professional Fees vs. Commission Designations and Fiduciary Responsibility

Page 17: Planning for Retirement - Local 94 Union HallPlanning for Retirement Presented by . Stacey Braun Associates, Inc. Provider of the I.U.O.E. Local 94 . Financial Counseling Benefit .

17

403(b)1 R

oadblocks

Roadblocks to Financial Success

• No goals • Lack of understanding • Debt • Poor investment choices • Inflation • Taxation • Procrastination

Roadblocks

Page 18: Planning for Retirement - Local 94 Union HallPlanning for Retirement Presented by . Stacey Braun Associates, Inc. Provider of the I.U.O.E. Local 94 . Financial Counseling Benefit .

18

403(b)1 H

elpful Hints

Helpful Hints

Set Goals Take a Financial Snapshot Know your monthly expenses Make sure debt is under control or paid off Ensure assets are invested according to a plan Obtain your pension projection Obtain your social security benefit projection Meet with a financial counselor (Stacey Braun) Protect your assets (insurance, estate documents, etc) Make sure affairs are in order (estate docs, beneficiaries, etc.)

Call to Schedule your FREE consultation!

1-888-949-1925


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