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D. Letterman’s Top 10 Retirement Planning Checkpoints for Educators

D. Letterman’s Top 10 Retirement Planning Checkpoints for Educators. Dr. Joyce Cavanagh Dr. Cynthia Crawford University Outreach and Extension University of Missouri. We have nothing to sell you. Educators on the faculty of the University of Missouri Our job is adult education

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D. Letterman’s Top 10 Retirement Planning Checkpoints for Educators

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  1. D. Letterman’s Top 10 Retirement Planning Checkpoints for Educators Dr. Joyce Cavanagh Dr. Cynthia Crawford University Outreach and Extension University of Missouri

  2. We have nothing to sell you • Educators on the faculty of the University of Missouri • Our job is adult education • The state is our campus • Unbiased, research based information

  3. #10. Take Me Out to the Ball Game • Will you be watching the game from left field or a box seat behind home plate? • How to hit a home run • www.asec.org

  4. #9. Send for Social Security Benefits Estimate • Social security retirement benefits were designed to supplement other income sources. • Review benefits estimate on regular basis to detect any errors • www.ssa.gov

  5. #8. When Will You Pay Yourself? • A dollar today is worth ? tomorrow • Time value of money • Consequences of delaying saving • Better late than never, but better early than late!

  6. #7. Taxing Matters • Tax consequences are only one factor in decision making • Principle and gains: • Taxable • Tax-deferred • Tax exempt

  7. #6. But, I Don’t Have Any Money to Save • No matter how modest your income, you CAN save • Take our 30 day challenge • If you don’t care about your retirement income who will?

  8. #5. Retirement Planning Is More Than Money • Housing • Travel • Social • Emotional • Transition process - don’t be taken by surprise

  9. #4. Time, Not Timing, In the Market • Risk vs. Return • Today is the best day to begin saving

  10. #3. Know Your Benefits • Do you and your spouse know about: • Disability insurance • Life insurance • Retirement plan/income • Health care • Long term care insurance

  11. #2. Life-cycle Financial Planning • Early career • Mid career • Late career • Careful of falling into the “American Way” of debt management rather than managing long term savings

  12. #1. Define Your Goals • Think’em and ink’em! • But don’t chisel’em in stone • Involve family members • Individual goals • Family goals • Put’em where you see’em

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