1. Tweets for October 28, 2013 MHFCU Chat:
Living Longer and Planning a Financially Secure Life
Twitter Handles: @McGrawHillFCU and @moneytalk1 (Dr. Barbara O’Neill)
Seminar Link: https://www.mcgrawhillfcu.org/home/member/financial-wellness
Hashtag: #flsmhfcu
Come learn 10 timeless tips for a financially secure future at my 10/30 seminar for @McGrawHillFCU:
https://www.mcgrawhillfcu.org/home/member/financial-wellness.#flsmhfcu
For next hour, chat will share research-based facts related 2 #retirement planning. Share comments & questions via
@moneytalk1 & #flsmhfcu
There is a 45% chance that one spouse in a 65-year old couple will live to age 90:
http://business.time.com/2013/02/11/sizing-up-the-big-question-how-much-money-do-you-need-to-retire/ #flsmhfcu
There is a 20% chance that one spouse in a 65-year old couple will live to age 95:
http://business.time.com/2013/02/11/sizing-up-the-big-question-how-much-money-do-you-need-to-retire/ #flsmhfcu
A couple age 65 could need as much a $295k to cover out-of-pocket medical expenses in #retirement according to
@EBRI: http://www.ebri.org/pdf/briefspdf/EBRI_IB_07-20061.pdf #flsmhfcu
25% of women & 20% of men age 55-64 have a #health issue that limits work:
http://www.caregiverslibrary.org/Portals/0/AARPhealth%20and%20safety%20issues%20in%20aging%20workforce%20ib49_health.pdf #flsmhfcu
The #Social_Security #earnings limit for 2013 is $15,120: http://www.ssa.gov/policy/docs/quickfacts/prog_highlights/;
will rise in 2014. #flsmhfcu
With #Social_Security #earnings limit, there’s $1 for $2 reduction 4 income over $15,120 under full retirement age:
http://www.ssa.gov/policy/docs/quickfacts/prog_highlights/ #flsmhfcu
A big retirement trend is increased #life_expectancy. Do you know yours?
http://gosset.wharton.upenn.edu/mortality/perl/CalcForm.html #flsmhfcu
More older workers say they plan to #work longer B4 #retirement: http://www.cnbc.com/id/100424018 Do you?
#flsmhfcu
Key #retirement planning factors: age, retirement age, life expectancy, amount already saved, income needed, &
investment earnings. #flsmhfcu
Use the Ballpark Estimate from @choosetosave to calculate what you need to #save 4 #retirement:
http://www.choosetosave.org/ballpark/ #flsmhfcu
Good #retirement_planning online course from Purdue University:
https://ag.purdue.edu/programs/areyouprepared/secureretirement/Pages/default.aspx #flsmhfcu
Don’t count on “unsure: things 4 #retirement income: pension, health benefit, inheritance, & certain profit on home &
investments. #flsmhfcu
Share your comments, questions, and experiences related to #retirement_planning via @moneytalk1 & #flsmhfcu
For every decade you delay #saving 4 #retirement, the amount of money needed to #save approximately triples. #flsmhfcu
Assess your #net_worth 4 your age & #income. Take the “#Wealth Test” from The Millionaire Next Door:
http://www.bauer.uh.edu/drude/Net.Worth.Worksheet.pdf #flsmhfcu

2. For future security, save the maximum allowed in an IRA and #tax_deferred #retirement #savings plan:
http://www.cffpinfo.com/pdfs/2013_Annual_Limits.pdf #flsmhfcu
What if you haven’t saved enough $$$ for #retirement? Work longer, reduce living costs, convert assets 2 income.
#flsmhfcu
Some costs may go down in #retirement: #savings, #income_taxes, work expenses, clothing, housing (if #mortgage is
repaid). #flsmhfcu
Some costs may go up in #retirement: health insurance, medical expenses, entertainment, gifts, & travel. #flsmhfcu
Carefully evaluate an early #retirement offer. Free fact sheet:
https://store.extension.iastate.edu/ItemDetail.aspx?ProductID=13916 #flsmhfcu
“Retire” while you continue working. Delay #retirement but not your retirement dreams:
http://www.aaii.com/journal/article/delaying-retirement-but-not-your-retirement-dreams.pdf #flsmhfcu
See if your #retirement #savings will last your lifetime. Try a Monte Carlo calculator:
http://www.investopedia.com/terms/m/montecarlosimulation.asp #flsmhfcu
Big #retirement decision for couples: where to live. Good @WSJ piece:
http://online.wsj.com/news/articles/SB10001424052748704254304576116471507613288 #flsmhfcu
For every $1,000 of desired monthly income in #retirement, you’ll need about $300k saved: $300,000 x .04 = $12,000 ÷
12. #flsmhfcu
In your 20s? Start saving 4 #retirement, build #emergency_fund, pay off #debt, focus on growth. Time is on your side.
#flsmhfcu
In your 30s & 40s? Increase #retirement savings, maintain #emergency_fund, go for growth. Time is still on your side.
#flsmhfcu
In your 50s? Try to max out #retirement #savings, make future plans, & consider postponing #retirement if short on cash.
#flsmhfcu
Retired? Consider laddering CDs & bonds, keep some growth assets, & develop a plan to create a retirement “paycheck.”
#flsmhfcu
Common #retirement error: overestimating time TO retirement and underestimating time IN retirement. #flsmhfcu
Survey: 47% of retirees said #retirement occurred earlier than planned; health & caregiving biggest reasons. #flsmhfcu
Survey of #retirement plan participants: > 4 in 10 plan to just “wing it” in #retirement. Those who fail to plan, plan to fail.
#flsmhfcu
Survey of #retirement plan participants: 6 in 10 workers say they could #save more for #retirement. As they say in Nike
ads, just do it! #flsmhfcu
Good resource about #automated #retirement #savings strategies called Retirement Made Simpler:
http://www.retirementmadesimpler.org/ #flsmhfcu
Thanks 4 chatting 2night. Please share final comments, questions, & experiences related to #retirement_planning via
@moneytalk1 & #flsmhfcu
Plan 2 attend the 10/30 seminar @McGrawHillFCU: https://www.mcgrawhillfcu.org/home/member/financialwellness.#flsmhfcu