Forecasting Retirement Income and Expense

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Forecasting Retirement Income and Expense

• NDSU Extension Service
• 2005-06 packaged program
• Debra Pankow, Ph.D.
• Family Economics Specialist

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What is Your Retirement Readiness Rating?
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Retirement Confidence in America

• Confidence
• Retirement age
• Work after retirement
• Income sources
• Financial advisers
• Personal financial management

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2005 Retirement Confidence Survey

• Most behind schedule
• Estimating retirement needs
• Importance of employer match
• Social Security

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Retirement Preparation of North/South
DakotaFarm/Ranch Couples
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Retirement Income

• Your government
• Your employer
• Your personal savings/investments
• Your assets
• Additional earnings

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Ballpark Estimatewww.choosetosave.org/ballpark/
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Retirement Expenses

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

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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

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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

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FSLL Evaluation