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Meeting Your Income Needs in Retirement. 12383 082608 Expectations & Expenses.

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Presentation on theme: "Meeting Your Income Needs in Retirement. 12383 082608 Expectations & Expenses."— Presentation transcript:

1 Meeting Your Income Needs in Retirement

2 Expectations & Expenses

3 % of workers have tried to estimate how much money they’ll need in retirement. Source: Employee Benefit Research Institute and Mathew Greenwald & Associates, Inc., 2008 Retirement Confidence Survey ®.

4 % changed their retirement plans 59% started saving more Source: Employee Benefit Research Institute and Mathew Greenwald & Associates, Inc., 2008 Retirement Confidence Survey ®.

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6 At this stage of your life, what are your goals?

7 Financial Life Cycle Source: Gail M. Gordon, “The Life Cycle of Financial Planning,” University of Wyoming Cooperative Extension Service, 2001.

8 Source: Gail M. Gordon, “The Life Cycle of Financial Planning,” University of Wyoming Cooperative Extension Service, 2001.

9 Goal 1 Protect Against Risks What are your goals in this category? Source: Gail M. Gordon, “The Life Cycle of Financial Planning,” University of Wyoming Cooperative Extension Service, 2001.

10 Goal 2 Ensure Financial Security What are your goals in this category? Source: Gail M. Gordon, “The Life Cycle of Financial Planning,” University of Wyoming Cooperative Extension Service, 2001.

11 Goal 3 Develop a Comfortable Standard of Living What are your goals in this category? Source: Gail M. Gordon, “The Life Cycle of Financial Planning,” University of Wyoming Cooperative Extension Service, 2001.

12 What are your goals in this category? Goal 4 Create a Comfortable Retirement Source: Gail M. Gordon, “The Life Cycle of Financial Planning,” University of Wyoming Cooperative Extension Service, 2001.

13 Goal 5 Manage Your Estate What are your goals in this category? Source: Gail M. Gordon, “The Life Cycle of Financial Planning,” University of Wyoming Cooperative Extension Service, You should consult with a professional specializing in these areas regarding the applicability of this information to your own situation.

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16 Source: U.S. Department of Labor, “Taking The Mystery out of Retirement Planning,” 2008.

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20 Social Security Benefits 61-year-old man –Eligible at age 62 –$1,044 a year more at age 63 Source:

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22 Pensions 89% 28% Source: Watson Wyatt, “Large Employers Slow Changes to Retirement Plans, Watson Wyatt Finds,” Press Release, May 22, 2008.

23 Annuities Fixed Annuity Fixed Indexed Annuity Variable Annuity

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25 How does your amount of guaranteed income compare to your estimated annual retirement expenses? Total Income Needed to Cover Annual Retirement Expenses $ Total Annual Income $

26 Fixed Indexed Annuity –The potential to earn interest credits based on changes in external market indices –Tax-deferred interest accumulation* –A death benefit for your beneficiaries –Principal protection –The ability to create an income stream you can never outlive –The security of a minimum guaranteed contract value –Options for when you decide to withdraw some or all of your money** * Tax-deferral offers no additional value if an annuity is used to fund an IRA; purchase an annuity for reasons other than tax-deferral benefits beyond those inherently provided by an IRA, such as a lifetime income and a death benefit. ** Taxable amounts withdrawn prior to 59 1/2 may be subject to a 10% IRS penalty. Withdrawals in excess of the free amount are not credited with index interest for that term, may be subject to Withdrawal Charges and a Market Value Adjustment and may result in the loss of principal if taken during the first 5-10 years of the Contract. Indexed annuities are not registered securities or stock market investments and do not directly participate in any stock or equity investments. Annuities are products of the insurance industry; guarantees are backed by the claims-paying ability of the issuing company. One of your choices for guaranteed retirement income

27 What are your options? 89% 28%

28 Next Steps 28%

29 Thank You 28%


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