1. Building Bucks Retirement Planning and Savings

2. Sources of Income Social Security – Eligible for benefits (age 65-67) – Waiting for retirement age gives 100% of benefit Company Pension – Retirement plan: funded or unfunded – Contrasted with severance packages Personal Savings – Stocks, bonds, investments, savings accounts

3. More on Personal Savings Start young Determine your retirement needs 401K or 403b and IRAs

4. Starting Early Source: www.Fool.com

5. Working After Retirement Many retirees return to work part or full time after retirement to make ends meet – May help complete daily routine – A second chance to make money off of a hobby or passion can be hugely satisfying – May be necessary Can work and receive social security benefits at the same time

6. Living Expenses in Retirement 70-80% of current income is generally sufficient in retirement Consider your desired lifestyle: – Location of home – Hobbies/travel/recreation – Transportation needs – Entertainment – Clothing/personal care needs – Medical risks – Interest in starting a new career

7. Balancing Income and Expenses Debts – Make a list of current debts – Debts with highest interest rates should be paid off first Regular Monthly Expenses – Fixed Stay the same from month to month (ex: rent, utilities, car payments) – Variable Vary from month to month (ex: groceries, gas)

8. Balancing Income and Expenses Occasional and Seasonal Expenses – Expenses that don’t occur every month – Important to figure out a monthly average to set aside Comparing Income and Expenses – Use a spending plan worksheet – If expenses exceed your income, you can: Increase your income Reduce your expenses Or both