Thinking About Retirement… It Takes Commitment!. How are we, as a nation, doing? Personal savings rate, overall, is negative Bankruptcies are at an all-time.

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Presentation transcript:

Thinking About Retirement… It Takes Commitment!

How are we, as a nation, doing? Personal savings rate, overall, is negative Bankruptcies are at an all-time high and the rate will rise More people will go bankrupt in Missouri than will earn a college degree More college students leave school early for financial problems than grade problems

You fail… when you sacrifice what you want most for what you want now.

How are you doing? Add up your points as you go through the slides Your score will help determine how committed you are to preparing for retirement

1. My checkbook is balanced with the bank statement 10 points – Every month 5 points – The numbers in my checkbook have some meaning and resemble reality (sort of) 0 points – I don’t think my bank sends out statements any more

2. When it comes to predatory loans (like payday loans, title loans, rent- to-own, and rapid refunds) points – I never use them 5 points – I used them once and found they are too expensive 0 points – It is how I get from week to week

3. Thinking about my credit cards and bills 10 points - I pay off my balance each month 5 points – I carry a balance on my cards and bills from month to month – but nothing too serious 0 points – I am very uncomfortable with the balance on my credit cards and bills

4. Home equity loans 10 points – I don’t have one, and I don’t want one 5 points – I have/have had a home equity loan for a good reason 0 points – I obtained a home equity loan for something that wasn’t a necessity

5. If I have to choose between saving for a child’s education and saving for retirement… 10 points – I don’t have to choose. I save for both. 5 points – I save for retirement first 0 points – I save for my children’s education first

6. Health care insurance and retirement 10 points – I no longer take health care benefits for granted. If I retire early I will have health insurance and benefits available to meet my needs. 5 points – I THINK (but I need to check) that I'll have health care insurance and benefits I can afford. 0 points – I hadn't given health care insurance during retirement any thought.

Where will the money come from for my retirement? The old standard –Pension –Personal savings –Social security The new reality –Pension –Personal savings and social security –Health care –Your part-time job

7. Would you tap your retirement savings early? 10 points – I haven’t. It would have to be something life and death before I would. 5 points – I have 0 points – Retirement savings? What savings?

8. Children 10 points – My children are launched and have skills to earn a living and be on their own 5 points – I’m educating my children now and helping them financially 0 points – my children are out of the home and I’m still financially helping them (with no end in sight)

9. Thinking about my life’s partner… 10 points – I could function okay if I were single 5 points – It is something I just don’t want to think about but I could survive 0 point – It would never happen to me

10. When it comes to retirement… 10 points – I am very comfortable with the plans and savings that I’ve put in place 5 points – Some aspects are okay and others need my action 0 points – I’ll need to work forever

How are you doing? Add it up! 0-40 points – I need to reevaluate my commitment to retirement points – I’m doing okay. I just have a few areas to work on. They are: _______________________________ Over 80 points – I’m ready to enjoy the kind of retirement I planned for

You fail… when you sacrifice what you want most for what you want now.