retirement - Carson Wealth
are YOU prepared?
RETIREMENT planning
&
savings
Multiple Sources Used by Retirees to Pay for Expenses During Retirement: 74.5% 44.3% 31.6% 28.8% 18.5% 11.9% 8.8%
Social Security Benefits
Defined Benefit Pension
Average Amount of Thought Non-Retired Individuals Have Given to Retirement Planning:
Savings
Individual Retirement Account (IRA)
401(k), 403(b), Thrift or Other Defined Contribution Plan
Spouse’s Job
11%
Real Estate Income
5.9% Other 5.8% Job
A High Amount
2.6% Sale of Business 1.9% Relying on Family 16%
How the Great Recession Impacted Retirement for Those Ages 45 & Up:
A Fair Amount
15%
4% Retired earlier than expected
Little to None
49%
Retired later than expected
Source: Board of Governors of the Federal Reserve, Report on the Economic Well-Being of U.S. Households in 2013. Published July 2014.
Among Those Ages 55-64, % Who Had Not Yet Retired:
Of Non-Retired Individuals:
25%
Don’t know how they will pay expenses in retirement
40%
9% Expect to retire and then become self-employed 18% Expect to retire and work a part-time job 18%
Plan to follow the traditional retirement model of working full time until a set date and then stop working altogether
24% Expect to keep working as long as possible
Anticipate using their 401(k) to pay expenses during retirement
31% Have NO retirement savings
45%
Anticipate using Social Security to pay expenses during retirement
Costs that Could Increase in Retirement: Retirement planning is an essential factor in your overall financial well-being. Work with your advisor to develop a personalized retirement plan that can help you pursue your long-term goals and objectives. Discuss your desired lifestyle, anticipated expenses and how you wish to spend your retirement years. Many retirees expect their expenses to decrease after retirement; however, for most, expenses increase. Here are 10 costs that could increase in retirement:
Travel
Entertainment Socializing
Health Insurance Premiums
Co-Pays & Prescription Deductibles Drugs
Long-Term Care
Household Grandchildren Help
Taxes
Source: US News & World Report, 10 Costs That Could Increase in Retirement.
Securities offered through LPL Financial Member FINRA/SIPC. Investment advisory services offered through CWM, LLC a Registered Investment Advisor. LPL Financial is a separately owned entity from all other named entities.
RETIREMENT planning
&
savings
Multiple Sources Used by Retirees to Pay for Expenses During Retirement: 74.5% 44.3% 31.6% 28.8% 18.5% 11.9% 8.8%
Social Security Benefits
Defined Benefit Pension
Average Amount of Thought Non-Retired Individuals Have Given to Retirement Planning:
Savings
Individual Retirement Account (IRA)
401(k), 403(b), Thrift or Other Defined Contribution Plan
Spouse’s Job
11%
Real Estate Income
5.9% Other 5.8% Job
A High Amount
2.6% Sale of Business 1.9% Relying on Family 16%
How the Great Recession Impacted Retirement for Those Ages 45 & Up:
A Fair Amount
15%
4% Retired earlier than expected
Little to None
49%
Retired later than expected
Source: Board of Governors of the Federal Reserve, Report on the Economic Well-Being of U.S. Households in 2013. Published July 2014.
Among Those Ages 55-64, % Who Had Not Yet Retired:
Of Non-Retired Individuals:
25%
Don’t know how they will pay expenses in retirement
40%
9% Expect to retire and then become self-employed 18% Expect to retire and work a part-time job 18%
Plan to follow the traditional retirement model of working full time until a set date and then stop working altogether
24% Expect to keep working as long as possible
Anticipate using their 401(k) to pay expenses during retirement
31% Have NO retirement savings
45%
Anticipate using Social Security to pay expenses during retirement
Costs that Could Increase in Retirement: Retirement planning is an essential factor in your overall financial well-being. Work with your advisor to develop a personalized retirement plan that can help you pursue your long-term goals and objectives. Discuss your desired lifestyle, anticipated expenses and how you wish to spend your retirement years. Many retirees expect their expenses to decrease after retirement; however, for most, expenses increase. Here are 10 costs that could increase in retirement:
Travel
Entertainment Socializing
Health Insurance Premiums
Co-Pays & Prescription Deductibles Drugs
Long-Term Care
Household Grandchildren Help
Taxes
Source: US News & World Report, 10 Costs That Could Increase in Retirement.
Securities offered through LPL Financial Member FINRA/SIPC. Investment advisory services offered through CWM, LLC a Registered Investment Advisor. LPL Financial is a separately owned entity from all other named entities.
