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Busey Bank

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Busey Bank on ciLiving

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Busey Bank on ciLiving
http://chic.clipsyndicate.com/video/playlist/12463/6924616?cpt=8&wpid=2637 Fri, 19 May 2017 21:24:20 +0000 Busey Bank Busey Bank on ciLiving http://chic.clipsyndicate.com/video/playlist/12463/6924616?cpt=8&wpid=2637 WCIA >> if you are within 10 years of retirement, planning for your golden years can seem daunting and even overwhelming. here to help us prepare some smart ways to save your dime, vanessa with -- for raymond james financial services is back. everybody should probably start thinking about retirement as early as they can! >> absolutely. the sooner you start, the better. >> report tips for the final count up to retirement. the first one being reassessed your living expenses. >> absolutely. really thinking about what you can control and what you might change retirement is really important. the biggest aspect of your retirement spending and living expenses is healthcare. the estimate is that average 65-year-old couple will spend just close to one fourth million dollars on health insurance. >> so that is just on your health insurance. that does not include your living expenses and every day. >> exactly, that the cumulative number. a scary number!act. >> it is! and it is affected by inflation but it is actually inflated more than the average expenses. so it has a huge impact on retirement goals. >> okay so something is you should probably consider is purchasing a supplemental or long-term care insurance. >> absolute. supplemental coverage there of medigap policy or something like that is important. also looking at how you would find a potential long-term care needs. with a separate policy or funding it. it is a big impact. >> yes and something else and make a big impact is the cost of living expenses going up every year. >> exactly. and that has a huge impact on average in the last 40 years it has been about 2 and a half percent. some years it has been more. some have been less. so it has a big impact. make sure you take that into account and not assume your spending will not increase over will not be worth what it is today. >> which is that! but you say use the current income as a starting point for joining up for 60 to 90 percent. >> yes but with the experts estimate. everyone is different based on what your lifestyle to look like in retirement. >> exactly! step number two, consider all of your income sources. >> absolutely! the biggest when everyone thinks of this social security. it's going to be a reoccurring income for you, there's a lot of strategies about when you should take it. you can take it as early as 62, his latest 70. there are a lot of steps in between and you want to be mindful of what that impacts you can take it early but you get less and what does that mean to your financial picture? >> what would you do? would you take it early? >> if you know how long your mind to it will be so easy. it really does make sense to wait as long as you can if it makes sense in the rest of your financial package. >> okay let's get to step number three. manager taxes and rely have a qualified professional for help. >> you really have to take into consideration what taxes will do to your income. you are going to have text, there will be effect on your social security income, high-tech distributions. if you take it from an ira or a taxable account you might want to think about what order you take it and really remember you have to start taking from your retirement and so that comes into calculation as well. >> something we have been thinking about in my family is what is making your will and your family legacy. what are you going to leave behind? because their estate taxes that you have to worry about. >> if you are impacted by that you really want to plan and understand what that and the income tax for your beneficiaries might include. >> and something everybody should be doing, paying off their debt and power of savings. that is the final step. >> exactly! if your house paid off, if you have no debt, it gives you less required expenses and therefore, more flexibility. you can affect and change your expenses if you want to. and of course, we would not come on not talk or increasing savings, right? but having the increasing how much you are putting aside. we talked about the last 10 years before retirement. that is when you're at your most likely at your highest earning years. 2a you can make the most impact and you know you ramp up, do as much as you can. it will help in the future. >> i like all the power of phase. >> exactly! >> obviously you offer a lot of education you can help people out with this. starting with a plan. >> exactly. on our website we have a retirement assessment that will help you figure where you are at in terms of retirement. >> everybody needs to be thinking about it now so




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