YU 3541 FALL2008-RETIREMENT PLANNING-Revised (Feb 5,2009)

YU 3541 FALL2008-RETIREMENT PLANNING-Revised (Feb 5,2009) -...

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1 LECTURE #9-RETIREMENT PLANNING Chapter #17 and Chapter #18 (Pages 472-491): Retirement Planning Defined: Retirement Planning refers to all of the finance planning required in order to meet your goals and objectives after you retire from work. Retirement Planning includes a review of: Goals and expectations Cash management Investment Planning Tax Planning
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2 Steps to Retirement Planning : 1. Set your goals for retirement. 2. Determine how much income is required in each year of retirement in order to reach those goals. 3. Determine all your expected sources of income in retirement (private pension, government pensions, RRIF’s, non-registered investment income, etc.) 4. Determine the financial resources the family has now to put towards retirement to increase the amount of retirement income (i.e. downsize principle residence, sell business, sell other real estate, etc.) 5. Estimate how much additional income (if any) is required in retirement and therefore how much must be saved while still working. 6. Decide on the appropriate investment vehicles for savings for retirement.
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3 STEP #1-Set Retirement Goals Goals should be: 1. Realistic 2. Specific timeframes 3. Specific amounts Examples: Maintain standard of living as enjoyed prior to retirement Provide some financial support to children and grandchildren (RESP’s etc.) Travel Cottage Busy social life
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4 STEP #2-Estimate of Income Requirements in Retirement
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Income Requirements in Retirement How much is enough? Two Methods for Calculating This: a. Global Calculation 70% of your current income? 80%? It depends on what stage of life you are in (mortgage paid? Children finished university?)
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This note was uploaded on 10/16/2011 for the course ADMS 3541 taught by Professor Staff during the Fall '10 term at York University.

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YU 3541 FALL2008-RETIREMENT PLANNING-Revised (Feb 5,2009) -...

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