Money Tree Season 2 Episode 7 - Planning for Retirement
Part #2 - Age Determined Retirement Planning **Review**
Let’s review the Retirement Planning Ages
Stage #1 - Beginning Journey (Age 25 - 40)
Stage #2 - Middle Journey (Check-Up) (Age 40 - 55)
Stage #3 - Light at the end of the tunnel (Age 55-70)
Part #3 - Middle Journey ( 15 Minutes)
**Don’t Stop Believing…**
Stage #1 is for those who are beginning their Career to age 40
Part #2 - Age Determined Retirement Planning **Review**
Let’s review the Retirement Planning Ages
Stage #1 - Beginning Journey (Age 25 - 40)
Stage #2 - Middle Journey (Check-Up) (Age 40 - 55)
Stage #3 - Light at the end of the tunnel (Age 55-70)
Part #3 - Middle Journey ( 15 Minutes)
**Don’t Stop Believing…**
Stage #1 is for those who are beginning their Career to age 40
- 1st step is to assess lifetime financial goal
- Review the goals you have set for yourself at the beginning stages
- If not are yet, START NOW!
- Re-invest in your home to do repairs and upgrades.
- Establish financial Trust
- Look to buy Long Term Care
- Renew Term Life Insurance
- Think “DownSizing”
- Review the goals you have set for yourself at the beginning stages
- 2nd Step - Budget!!!!
- You should be at least ½ way to paying off your mortgage.
- Allocate monies for teenager vehicle and insurance.
- Use CC to your advantage
- If in the private sector, ask for a raise.
- Avoid lifestyle Inflation
- Don’t “borrow” for family Vacations
- No “larger” purchases without saving for it.
- Don’t “borrow” for family Vacations
- Don’t wipe out your savings or retirement account(s)
- Child’s education / college
- Child’s wedding
- Child’s education / college
- Have 6 month “Reserve” fund
- 2 Months in Savings
- 2 Months in Cash
- 2 Months in a CD
- 2 Months in Savings
- You should be at least ½ way to paying off your mortgage.
- 3rd Step - Debt Elimination
- Eliminate Large Debts, such as Car debt.
- Do not borrow for any large purchases unless needed.
- Eliminate Large Debts, such as Car debt.
- 4th Step - Boost investment contributions
- This includes
- Roth IRA
- Adjust Mutual Fund that are owned
- Contribute more to your IRA (up to 5,500 yearly / 6,500 over 50)
- Adjust Mutual Fund that are owned
- Continue to invest in company 401(k) / Pension Plan
- Match Company Matching Contributions
- Diversify your Portfolio (Dont put it all in your company)
- Match Company Matching Contributions
- College Savings plan may be something to start if not already started.
- Roth IRA
- This includes