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
  • 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”
  • 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 wipe out your savings or retirement account(s)
      • Child’s education / college
      • Child’s wedding
    • Have 6 month “Reserve” fund
      • 2 Months in Savings
      • 2 Months in Cash
      • 2 Months in a CD
  • 3rd Step - Debt Elimination
    • Eliminate Large Debts, such as Car debt.
    • Do not borrow for any large purchases unless needed.
(Slide #3)
  • 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)
      • Continue to invest in company 401(k) / Pension Plan
        • Match Company Matching Contributions
        • Diversify your Portfolio (Dont put it all in your company)
      • College Savings plan may be something to start if not already started.