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10 Things to Do Before Retiring

10 THINGS TO DO BEFORE RETIRING PLAN FOR YOUR RETIREMENT WORKERS REPORT THAT THEY HAVEN'T 56% AMERICANS ARE CONFIDENT THAT THEY WILL HAVE ENOUGH MONEY FOR A 38% COMFORTABLE RETIREMENT PLANNED FOR THEIR RETIREMENT START TO SAVE EARLY AVERAGE LENGTH 18 YEARS OF RETIREMENT WORKERS IN 2012 REPORTED SAVING MONEY FOR RETIREMENT 66% No! PEOPLE EARNING LESS THAN $35,000 DECLINED SAVING MONEY FOR RETIREMENT RETIRE WHEN YOU'RE READY HOUSEHOLDS' READINESS FOR RETIREMENT 18.5% AGE 65 AMERICANS AND OLDER WERE PREPARED FOR WORK FOR 7 OR MORE YEARS STILL IN THE LABOR FORCE IN 2012 RETIREMENT AT AGE 65 9% WORK FOR AN ADDITIONAL 4-6 YEARS 17% 48% THE AVERAGE AGE OF RETIREMENT 61 23% WORK FOR ABOUT 3 MORE YEARS CONTRIBUTE TO A 401(K) PLAN a contribution plan that promises a specified monthly benefit at retirement MATCHING CONTRIBUTIONS INVESTMENT OPTIONS TAX DEFERRAL LOANS When you Some employers match a portion of your savings. A common match is 50% of the first 6% of pay you Most 401(k) plans provide different investment Many plans allow you to borrow from your account for specific reasons. It must be paid back with interest within a certain number of contribute to 401k 401(k) plan, your contribution PLAN options like money market funds, stable value accounts, bond mutual funds, or your own company's stocks. comes out of your paycheck before income taxes are save. deducted. years depending on your plan. STRATEGIZE FOR RETIREMENT INCOME 14% AMERICAN WORKERS ARE VERY MORE THAN ONE THIRD OF HOUSEHOLDS END UP WITH NO EMPLOYER-SPONSORED CONFIDENT THEY WILL HAVE ENOUGH MONEY TO LIVE COMFORTABLY IN RETIREMENT RETIREMENT PLAN AT ALL DURING THEIR ENTIRE WORK LIVES PRIORITIZE RETIREMENT SAVINGS RETIREES HAVE NOT SAVED ENOUGH AND SAID THAT THEY WOULD SAVE MORE IF THEY COULD DO IT ALL OVER AGAIN 68% 75% 50-YEAR-OLDS STILL PROVIDE FINANCIAL SUPPORT TO THEIR ADULT CHILDREN ANSWER: What s the main reason DAILY LIVING EXPENSES why workers do not contribute to their employer's plan? PLAN FOR CONTINGENCIES PERCENTAGE OF PEO PLE WHO ALREADY PLANNED FOR RETIREMENT LESS THAN 5 YEARS 20 YEARS OR MORE 12% BEFORE RETIREMENT BEFORE RETIREMENT **** 7 IN 10 RETIREES 34% INDICATE THAT THEY DID SOME FINANCIAL 5-9 YEARS 19% PLANNING FOR RETIREMENT BEFORE RETIREMENT 32% 10 - 19 YEARS BEFORE RETIREMENT HANDLE YOUR INVESTMENTS WORKERS HAD WORKERS REPORT THAT LESS THAN $1,000 IN SAVINGS AND INVESTMENTS THEIR RETIREMENT SAVINGS PLAN OFFERS AN ANNUITY OPTION 30% 17% CLEAR OUT ALL YOUR DEBTS $27,409 AVERAGE DEBT LEVEL FOR 39% 55% FAMILIES HEADED BY INDIVIDUAL RETIREES WORKERS AGES 75 OR OLDER HAVE A PROBLEM WITH THEIR AMOUNT OF DEBT SEEK PROFESSIONAL HELP OBTAINED INVESTMENT ADVICE 28% 23% FROM A PROFESSIONAL FINANCIAL ADVISOR RETIREES WORKERS SOURCES: Delayed Retirement: Deciding to Wait Longer. December 2013. Aging & Work. Retirement Statistics. 2013. Fidelity Estimates Couples Retiring in 2013 Will Need $220,000 to Pay Medical Expenses Throughout Retirement. May 2013. Merill Lynch Wealth Management. Family & Retirement: The Elephant in the Room. 2013. Money Retirement. The Baby Boomer Retirement Crunch Begins. May 2013. Practical Money Skills for Life. What Are the Advantages of a 401(k)?.2013. Statistics Brain. Retirement Statistics. 2014. The Motley Fool. 17 Frightening Facts About Retirement Savings in America. October 2012. Outpace Reality for Many. March 2013. TIAA CREF. Retiring with debt? What you need to know. June 2013. United States Department of Labor. Retirement Plans, Benefits & Savings. 2013. O

10 Things to Do Before Retiring

shared by markawesomej on May 07
Being able to get ready for old age is a thing that people should never take for granted. To be able to live a worry-free retirement life, here are the 10 things that you would need to accomplish to m...


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