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“Preparing for Your Final Career” Developing a Retirement Planning Workshop Diana McClay Associate Director of Human Resources Richard Ashley Training.

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Presentation on theme: "“Preparing for Your Final Career” Developing a Retirement Planning Workshop Diana McClay Associate Director of Human Resources Richard Ashley Training."— Presentation transcript:

1 “Preparing for Your Final Career” Developing a Retirement Planning Workshop Diana McClay Associate Director of Human Resources Richard Ashley Training Manager, Office of Human Resources East Tennessee State University Johnson City, TN

2 How do you prepare your faculty and staff for their retirement?

3 The Famous Backburner What am I going to do when I retire and have more time? Handout page 16

4 Origins ETSU Retirees Association (ETSURA) Committee – representatives from:  ETSURA  Benefits Committee  Human Resources  Faculty Senate  Staff Senate

5 Today’s Agenda Topic Selection Series Format Speaker Selection Schedule “Roll-out” “Kick-off” Topic Content Website Review & Planning for 2008

6 Topic Selection Kick-Off Panel Legal Matters Financial Planning State Retirement Optional Retirement Taxes Social Security Medicare Health Considerations Insurance Housing Activities

7 Series Format One- or two-day vs. multiple days Afternoon & evening presentations Main campus & College of Medicine campus

8 Speaker Selection ETSU faculty and staff Subject matter experts ETSU affiliation Local community resources FREE

9 Schedule TopicDateTimeLocationPresenter Kickoff PanelSep. 18, T3 – 4:30 p.m.Culp-The ForumETSURA Members Kickoff PanelSep. 18, T7 – 8:30 p.m.Culp-The ForumETSURA Members Legal AffairsSep. 20, R3 – 4:30 p.m.Culp-The ForumJeff Anderson, J.D., Assoc. VP, Advancement Legal AffairsSep. 20, R7 – 8:30 p.m.SG**-B003Jeff Anderson, J.D., Assoc. VP, Advancement Financial PlanningSep. 27, R3 – 4:30 p.m.Culp-The ForumBryan Hawk, ’98, Financial Adv, Edward Jones Financial PlanningSep. 27, R7 – 8:30 p.m.SG**-C023Bryan Hawk, ’98, Financial Adv, Edward Jones TCRSOct. 2, T6:30-8:30 p.m.SG**-C023Mark Wakefield, TCRS Rep. TCRSOct. 3, W8:30 – 10:30 a.m.Culp-The ForumMark Wakefield, TCRS Rep. ORPOct. 4, R3 – 4:30 p.m.Culp-The ForumBarry Bartlett, Financial Advisor ORPOct. 4, R7 – 8:30 p.m.SG**-B003Barry Bartlett, Financial Advisor MedicareOct. 9, T3 – 4:30 p.m.Culp-Mtg Rm 6Lori Wilson, SHIP Coordinator, AAAD * MedicareOct. 9, T7 – 8:30 p.m.SG**-C023Lori Wilson, SHIP Coordinator, AAAD * Handout page 13

10 Schedule TopicDateTimeLocationPresenter Social SecurityOct. 11, R3 – 4:30 p.m.Culp-Mtg Rm 6Tony Thompson, District SSA Mgr Social SecurityOct. 11, R7 – 8:30 p.m.SG**-B003Tony Thompson, District SSA Mgr Health ConsiderationsOct. 18, R3 – 4:30 p.m.Culp-Mtg Rm 6Dr. Ronald Hamdy, Prof., Geriatrics Health ConsiderationsOct. 18, R7 – 8:30 p.m.SG**-B003Dr. Ronald Hamdy, Prof., Geriatrics TaxesOct. 23, T3 – 4:30 p.m.Culp-Mtg Rm 6Joan Mitchell, CPA TaxesOct. 23, T7 – 8:30 p.m.SG**-B003Joan Mitchell, CPA InsuranceOct. 25, R3 – 4:30 p.m.Culp-Mtg Rm 6Harold Dishner Insurance Agency InsuranceOct. 25, R7 – 8:30 p.m.SG**-B003Harold Dishner Insurance Agency HousingOct. 30, T3 – 4:30 p.m.Culp-Mtg Rm 2Tara Shaver, AARP, Nashville HousingOct. 30, T7 – 8:30 p.m.SG**-B003Tara Shaver, AARP, Nashville ActivitiesNov. 8, R3 – 4:30 p.m.Culp-Mtg Rm 2Dr. Deborah Harley, Teresa Brooks Taylor ActivitiesNov. 8, R7 – 8:30 p.m.SG**-B003Dr. Deborah Harley, Teresa Brooks Taylor Handout page 13

11 “Roll-Out” LetterLetter to all employees from ETSURA, handout page 11 EDC NewsletterEDC Newsletter, handout pages 12-14 HR Homepage, EDC Website, Monthly reminders (paper & email, handout page 15 ) email

12 “Kick-Off” ETSURA Panel Members When do you retire?  You’ll know; While Healthy You’ll knowWhile Healthy The process of retiring Retirement sources of income Do I have enough money?  Should you lower your ambitions? Should you lower your ambitions Other experiences:  Family  Health  Activities

13 Legal Matters ETSU Associate V.P. for Advancement, and J.D. Wills/Revocable Living Trusts Powers of Attorney Advance Directives

14 Financial Planning Local Edward Jones financial advisor & ETSU Alumnus Have I saved enough? How soon can I retire? Steps to answer 5 Questions  Where am I today?  Where do I want to be when I retire?  Can I get there?  How do I get there?  How do I stay on track? Case Studies

15 TN State Retirement Plan (TCRS) State TCRS advisor Defined Benefit vs. Contribution Plans Early Retirement Benefit Payment Plans Disability Benefits Medical Insurance & Supplementals Cost-of-Living Adjustments Taxes Retirement Checklist

16 TN Optional Retirement Plan (ORP) Former ETSU VALIC Representative What is the ORP  TIAA-CREF, VALIC, ING Comparison: ORP vs. State Plan Contributions Changes Retirement Benefits You must manage your retirement plan

17 Taxes Local CPA & Spouse of ETSU Alumnus How Retirement Distributions are Taxed Options for Paying Income Tax Social Security tax Minimizing Tax in Retirement What Happens when you Die

18 Social Security Social Security District Manager History, SS Trust Fund Income & Distributions The SS Trust Fund Dilemma How you earn SS Credits SS Retirement Ages How your benefit is calculated How to apply for your benefit Working while receiving SS Medicare: Parts A, B, D

19 Medicare State Health Insurance Program Coordinators (SHIP) Intro to Medicare The Original Medicare Plan Medicare Supplement Insurance (Medigap) Medicare Advantage & Other Plans Medicare Prescription Drug Coverage Medicare & Medicaid Savings Programs

20 Health Considerations ETSU College of Medicine Professor & Chair of Geriatrics The Most Important Thing Examples of People without a Plan Characteristic Health Problems  How to prevent, treat and live with them

21 Insurance ETSU Benefits Manager  ETSU Retirement Insurance Programs State Farm Insurance Agent & Spouse of ETSU Retiree  Long Term Care  Other Insurances: Life, Home, Auto, Liability, Umbrella

22 Housing AARP State Representative Housing Options:  Own, Rent, Condo, Apt, Retirement Community, Assisted Living, etc. Weighing Your Options:  Accessibility, Affordability, Future Needs Know Your Community Resources:  SHIP, AAAD, Sr. Center, BBB Do Your Research & Shop Around Reverse Mortgages

23 Activities ETSU Assistant V.P. for Community Engagement, Leadership & Learning Backburner Exercise: What am I going to do when I have more time? Guests: Volunteer Center of Johnson City; J.C. Sr. Center; Retired & Senior Volunteer Program; AAA Tips for Volunteering Join the ETSU Retirees Association

24 Results Participation  553 attended basic series  63 attended other related classes Retirement Planning & Investments Basic Estate Planning Strategies Retirement Strategies for Women Cornerstones of Investing

25 What I liked most… New ideas! Great variety! Good panel! 1st time I have ever talked face-to-face with an AARP rep in 10 yrs of membership Great & detailed information and time for participation Gave me ideas to think about and anticipate: re: retirement, etc. Finding our what Medicare actually is and/or costs involved

26 What I liked most… Clarity and specifics of material Frank answers – no sugar coating Excellent guidelines for individual planning Opened my eyes about debt; retirement; invest wisely “young” families need this as well as those looking at retirement These matters are complex; this course is very helpful to planning & thinking about the future.

27 Website Information Videos PowerPoint Presentations Handouts Useful resources and websites RetirementSeries.htm RetirementSeries.htm

28 Post-Series Review What went well What needs improvement Changes or additions Current Planning for Fall 2008  Keep same format  Find different presenters for some topics  Add Business Faculty Presentations for financial planning and investment  Add 401k, 403b, 457, Roth 401k Class  Improve video quality  Invite other State employees to evening sessions  Continue to invite ETSU retirees

29 Preparing your final career Dr. Ron Hamdy Dr. Ron Hamdy summarizes and affirms ETSURA’s vision for this retirement series: “You really need to feel needed. There must be a goal in life.” So be prepared

30 Tips "If you don't know where you are going, you will wind up somewhere else." Yogi Berra “When a man retires, his wife gets twice the husband but only half the income.” Chi Chi Rodriguez “Retirement: It's nice to get out of the rat race, but you have to learn to get along with less cheese.” Gene Perret “The question isn't at what age I want to retire, it's at what income.” George Foreman

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