Forecasting Retirement Income and Expense NDSU Extension Service 2005-06 packaged program Debra Pankow, Ph.D. Family Economics Specialist.

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Presentation transcript:

Forecasting Retirement Income and Expense NDSU Extension Service packaged program Debra Pankow, Ph.D. Family Economics Specialist

What is Your Retirement Readiness Rating?

Retirement Confidence in America  Confidence  Retirement age  Work after retirement  Income sources  Financial advisers  Personal financial management

2005 Retirement Confidence Survey  Most behind schedule  Estimating retirement needs  Importance of employer match  Social Security

Retirement Preparation of North/South Dakota Farm/Ranch Couples

Retirement Income  Your government  Your employer  Your personal savings/ investments  Your assets  Additional earnings

Ballpark Estimate

Retirement Expenses  Housing and location  Activities  Health care  Clothing  Food  Transportation  Work-related expenses  Retirement plan contributions  Senior discounts  Caregiving

Retirement Planning Tips  Plan for inflation  Take a practice run  Live within your means  Pay yourself first  Start early  Save and invest wisely  Explore your next career  Mentally prepare  Carefully consider early retirement incentives  Consider the implications of delaying retirement

Expense Greater than Income?  Save more money  Increase your income  Increase retirement contributions  Delay retirement  Reduce retirement living expenses  Tap into home equity  Sell existing home  Consider a reverse mortgage

FSLL Evaluation