Page 11 - Retirement Planning

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Countdown to Your Retirement
Start your first job
40
Get married and buy your first home
Move into a
Financial Focus:
Establish a systematic saving and protection plan
Financial Focus:
Continue asset growth and tax-efficient diversification of financial products
Financial Focus:
Develop a formal retirement plan
Financial Focus:
Determine when you want to retire and ensure you’re on track to do so
Financial Focus:
Fine-tune your retirement plan
Action Steps
■ Paydownstudentloans
■ Purchasepermanentlifeinsurance
■ Considercontributingto401(k)/IRA
30
A
Live on one income
larger home and have children
Advance your career
Action Steps
■ Saveforchildren'seducation
■ StartaRothIRA
■ Purchasedisabilityinsurance
■ Considerincreasing401(k)contributions
20
A
Rejoin the workforce
Save or pay for children’s education
Enter peak earning years
Change in family status
Action Steps
■ Payoffdebts
■ ConsideraRothIRAconversion
■ Increaseretirementsavingsandensure adequate diversification
■ Increasefundingoflifeinsurancepolicies
Action Steps
■ Consideratax-deferredannuity
■ Explorelong-termcareinsurance
■ Establishalegacyplan
■ Evaluateneedtoincreaseretirementsavings
10
A
Buy
a second home
Take care of parents
Finance children’s weddings
Consider life in retirement
Enjoy grandchildren
Action Steps
■ ConsolidateIRAand401(k)accounts
■ Determineretirementincomestrategy
■ DetermineSocialSecurityincomestrategy
■ Re-evaluatepermanentlifeinsuranceand legacy options
5A
Remember
This information is for educational purposes only and should not be considered specific tax, legal, investment of planning advice, which will only be provided on a personalized basis.
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The earlier you start planning and saving, the better prepared you will be to reach your goals in life as well as your retirement goals. Let’s meet to develop and maintain your retirement plan.
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