Steps to get ready for retirement

Steps to get ready for retirement
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    THINK ARE RESPONSIBLE, ALL FACING CHARGES OF CRIMINAL FACING CHARGES OF CRIMINAL DAMAGE TO PROPERTY. DAMAGE TO PROPERTY. >> Devin: IT MIGHT NOT BE A >> Devin: IT MIGHT NOT BE A WORRY YOU TALK ABOUT MUCH, BUT WORRY YOU TALK ABOUT MUCH, BUT MANY AMERICANS ARE CONCERNED MANY AMERICANS ARE CONCERNED THEY WON'T HAVE ENOUGH MONEY ON THEY WON'T HAVE ENOUGH MONEY ON WHICH TO RETIRE. WHICH TO RETIRE. OUR MONEY EXPERT SAID IT'S NEVER OUR MONEY EXPERT SAID IT'S NEVER TOO LATE TO START SAVING, BUT TOO LATE TO START SAVING, BUT START NOW! START NOW! READY TO RETIRE AND WORRIED YOUR READY TO RETIRE AND WORRIED YOUR BANK ACCOUNT ISN'T? BANK ACCOUNT ISN'T? >> I'M NOT READY AT ALL, BUT I'M >> I'M NOT READY AT ALL, BUT I'M WORKING ON IT. WORKING ON IT. >> OUTLIVING WHAT I SAVED FOR, >> OUTLIVING WHAT I SAVED FOR, THAT'S MY BIGGEST CONCERN. THAT'S MY BIGGEST CONCERN. >> BANKING THE MONEY AND >> BANKING THE MONEY AND PLANNING ON THINGS I WANT TO DO PLANNING ON THINGS I WANT TO DO AFTER I RETIRE, TRAVEL. AFTER I RETIRE, TRAVEL. >> Devin: THERE IS REASON TO >> Devin: THERE IS REASON TO WORRY. WORRY. >> WHEN PEOPLE GO INTO >> WHEN PEOPLE GO INTO RETIREMENT, THERE ARE MORE AND RETIREMENT, THERE ARE MORE AND MORE THINGS THEY'RE UNCERTAIN MORE THINGS THEY'RE UNCERTAIN ABOUT. ABOUT. THEY'RE UNCERTAIN ABOUT THEIR THEY'RE UNCERTAIN ABOUT THEIR HEALTH, THEIR INCOME, WILL THEY HEALTH, THEIR INCOME, WILL THEY RUN OUT OF MONEY. RUN OUT OF MONEY. >> Rod: IF YOU HAVEN'T SAVED FOR >> Rod: IF YOU HAVEN'T SAVED FOR RETIREMENT, YOU HAVE TO START, RETIREMENT, YOU HAVE TO START, BECAUSE THE AVERAGE PERSON IS BECAUSE THE AVERAGE PERSON IS LIVING TO ALMOST 90 NOW. LIVING TO ALMOST 90 NOW. THE ODDS OF YOU OUTLIVING YOUR THE ODDS OF YOU OUTLIVING YOUR MONEY ARE PRETTY SOLID WHEN MONEY ARE PRETTY SOLID WHEN YOU'VE GOT SAVINGS. YOU'VE GOT SAVINGS. SO IF YOU DON'T HAVE ANY SO IF YOU DON'T HAVE ANY SAVINGS, YOU'VE GOT A PROBLEM. SAVINGS, YOU'VE GOT A PROBLEM. >> Devin: ONE IN THREE AMERICANS >> Devin: ONE IN THREE AMERICANS HAS $5,000 OR LESS SAVED UP FOR HAS $5,000 OR LESS SAVED UP FOR RETIREMENT. RETIREMENT. YOU NEED TO FIGURE OUT HOW MUCH YOU NEED TO FIGURE OUT HOW MUCH MONEY YOU'LL NEED. MONEY YOU'LL NEED. AND DON'T FORGET HEALTH CARE AND DON'T FORGET HEALTH CARE ISSUES. ISSUES. THE LATEST PROJECTION IS THAT THE LATEST PROJECTION IS THAT HEALTH CARE COSTS OVER THE AGE HEALTH CARE COSTS OVER THE AGE OF 65 WILL BE $10,000 PER PERSON OF 65 WILL BE $10,000 PER PERSON PER YEAR. PER YEAR. >> UNDERSTAND MEDICAID FAMILY. >> UNDERSTAND MEDICAID FAMILY. MORE AND MORE PEOPLE ARE ENDING MORE AND MORE PEOPLE ARE ENDING UP IN NURSING HOME. UP IN NURSING HOME. >> Devin: PLAN TO SPEND 80% OF >> Devin: PLAN TO SPEND 80% OF YOUR INCOME. YOUR INCOME. SUBJECT SOCIAL SECURITY AND ANY SUBJECT SOCIAL SECURITY AND ANY PENSIONS FOR RETIREMENT NEEDS. PENSIONS FOR RETIREMENT NEEDS. SO IF YOU NEED $75,000 A YEAR SO IF YOU NEED $75,000 A YEAR AND EXPECT $40,000 FROM SOCIAL AND EXPECT $40,000 FROM SOCIAL SECURITY BENEFITS AND PENSIONS, SECURITY BENEFITS AND PENSIONS, THAT MEANS YOU'LL NEED TO TAKE THAT MEANS YOU'LL NEED TO TAKE OUT $35,000 A YEAR IN SAVINGS TO OUT $35,000 A YEAR IN SAVINGS TO PAY JUST YOUR LIVING EXPENSES. PAY JUST YOUR LIVING EXPENSES. OUR LOCAL 4 CERTIFIED FINANCIAL OUR LOCAL 4 CERTIFIED FINANCIAL PLANNER SAYS YOU SHOULD NOT RELY PLANNER SAYS YOU SHOULD NOT RELY ON SOCIAL SECURITY. ON SOCIAL SECURITY. >> Rod: SOCIAL SECURITY WAS >> Rod: SOCIAL SECURITY WAS NEVER, EVER MEANT TO BE YOUR NEVER, EVER MEANT TO BE YOUR SOLE MEANS OF SUPPORT. SOLE MEANS OF SUPPORT. >> Devin: START SAVING AS MUCH >> Devin: START SAVING AS MUCH AS YOU CAN, SOMETHING IS BETTER AS YOU CAN, SOMETHING IS BETTER THAN NOTHING. THAN NOTHING. USE A QUALIFIED PLAN LIKE A USE A QUALIFIED PLAN LIKE A 401(k), MONEY GOES IN PRE-TAX. 401(k), MONEY GOES IN PRE-TAX. >> Rod: THAT'S HOW IT WORKS SO >> Rod: THAT'S HOW IT WORKS SO WHEN YOU RETIRE, YOU TAKE THE WHEN YOU RETIRE, YOU TAKE THE MONEY OUT THEN WITH THE MONEY OUT THEN WITH THE ASSUMPTION YOU'LL BE IN A LOWER ASSUMPTION YOU'LL BE IN A LOWER TAX BRACKET. TAX BRACKET. THIS YEAR, FOR THE AVERAGE THIS YEAR, FOR THE AVERAGE WORKER, YOU CAN SAVE $19,000 IN WORKER, YOU CAN SAVE $19,000 IN YOUR 401(k) THIS YEAR. YOUR 401(k) THIS YEAR. >> Devin: AT LOWER INCOME >> Devin: AT LOWER INCOME LEVELS, PEOPLE CAN HAVE A 401(k) LEVELS, PEOPLE CAN HAVE A 401(k) AND AN IRA. AND AN IRA. BUT THE GOAL IS TO SAVE 15% OF BUT THE GOAL IS TO SAVE 15% OF YOUR INCOME EVERY MONTH TO ADD YOUR INCOME EVERY MONTH TO ADD TO A 401(k) OR START YOUR OWN TO A 401(k) OR START YOUR OWN IRA. IRA. >> Rod: IF YOU CAN AFFORD AT ALL >> Rod: IF YOU CAN AFFORD AT ALL TO GET INCREASE TO THE MAX, TO GET INCREASE TO THE MAX, THAT'S A LOT OF MONEY TO SET THAT'S A LOT OF MONEY TO SET ASIDE. ASIDE. AND IF YOU DO IT WHEN YOU'RE AND IF YOU DO IT WHEN YOU'RE YOUNG, YOU'LL HAVE A LARGE LUMP YOUNG, YOU'LL HAVE A LARGE LUMP SUM. SUM. >> Devin: AND ROD HAS ADDITIONAL >> Devin: AND ROD HAS ADDITIONAL ADVICE FOR BEING ABLE TO TAKE ADVICE FOR BEING ABLE TO TAKE ADVANTAGE OF UNCLE SAM'S OFFER ADVANTAGE OF UNCLE SAM'S OFFER TO PUT MONEY AWAY IN A 401(k) TO PUT MONEY AWAY IN A 401(k) AND AN IRA. AND AN IRA. AND WE HAVE THAT INFORMATION ON AND WE HAVE THAT INFORMATION ON OUR WEBSITE, CLICKONDETROIT.COM. OUR WEBSITE, CLICKONDETROIT.COM. PRETTY SOBERING STATS ABOUT HOW PRETTY SOBERING STATS ABOUT HOW MANY DON'T HAVE $5,000 PUT AWAY.
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