| 1. |
What is my personal investment goal for retirement? |
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A. |
Using today's dollars, enter the annual income you will need in retirement.
Use approximately 70% of current budget. |
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B. |
Enter the amount you anticipate receiving from pension benefits, projected Social Security benefits, and any other income.
Employer pensions, Social Security and other income.
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| 2. |
How much do I need to save? |
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C. |
At what age do you plan to retire?
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| 3. |
What will my current savings be worth? |
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D. |
Enter the amount you have saved already, including
401(k)s, IRAs, company savings plans, CDs, and other investments.
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E. |
How many years before you retire? |
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| 4. |
How do I achieve my retirement goal? |
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F. |
Enter the number of years until you retire.
The same number used for 3E.
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| 5. |
What are my current anticipated annual savings? |
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G. |
Enter your current annual contributions to retirement plan at work. Make sure you are contributing enough to receive the maximum benefit and
employer match. Employee Benefit Research found only 60% of women eligible to contribute to a 401(k) plan in 1993 did so. (Money
magazine, 11/96)
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H. |
Current annual IRA contributions.
Compare Traditional IRA to a Roth IRA to determine what is best for your situation. Make your 2000 contribution as soon as possible.
Make sure to minimize IRA fees and simplify your life by consolidating IRAs you have at various financial institutions into one account.
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I. |
Current annual investments into other savings plans.
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J. |
Current annual investments into CDs, mutual funds, stocks, bonds, etc. |
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K. |
Any additional savings needed to reach your goal.
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