Charting Your Course to Retirement
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Transcript of Charting Your Course to Retirement
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Charting your course to retirement
Randall & HUrley
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Planning Your route
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YOUR PROVIDERS WORKING TOGETHER
RANDALL & HURLEY | TPA
INVESTMENT CO| CUSTODIAN SMART Co| INVESTMENT ADVISOR
ABC COMPANY | SPONSOR
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Retirement Plans 46%
Social Security 36%
Savings & Investments
16%
Other 2%
Retirement Income sources
PLANNING YOUR ROUTE
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Start saving & Stay the course
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SAVE TAXES
Use the table to see how it works. You can choose to save taxes now or at retirement
based on how you choose to defer.
Pre-Tax Deferral
Equal Contribution Roth Deferral
Equal Pay Roth Deferral
Gross Annual Pay $30,000 $30,000 $30,000 401(k) Contribution ($200/mo.) 2,400 2,400 2,040 Taxable Income 27,600 30,000 30,000 Federal Income Taxes (15%) 4,140 4,500 4,500 FICA (7.65%) 2,295 2,295 2,295 Net Take-Home Pay $21,165 $20,805 $21,165
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HOW TO SAVE $100,000
Number of
Years
Monthly Savings
Required 10 $578 20 $192 30 $82 40 $38
Illustrations assume a 7% annual return.
Time Makes Saving Easier
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WATCH IT GROW
0
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Years Contribs Earnings
Illustration assume a 7% annual return.
The Miracle of Compound Interest
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YOUR PLAN HIGHLIGHTS
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YOUR PLAN HIGHLIGHTS
Plan Type: Cash Balance Plan
Trustee: John Smith
Effective Date: January 1, 2012
Retirement Age: Age 62 (with 5 years of participation)
Vesting Percent: 0 - 2 years 0% 3+ years 100%
Investments: Held at Smart Co and directed by the Trustee
Statement Timing: Annually
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Questions?