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Retirement
Planning Worksheet
Step
1:
Estimate your retirement income at: http://www.bankrate.com/calculators/retirement/retirement-plan-income-calculator.aspx
You will be
asked to answer six questions. If you
unsure of what the fields are, the definitions are below on the same page. There are some assumptions about how much
your investments will earn, inflation rates and tax rate; you can edit these to
see how they impact the calculation
·
Based on your inputs, what is your estimated monthly
retirement income before tax/inflation?
·
Based on your inputs, what is your estimated monthly
retirement income after tax/inflation?
Step 2: Determine how your current retirement strategy will provide for
retirement income:
You will be
asked to answer eight questions. If you
unsure of what the fields are, the definitions are below on the same page. There are some assumptions about how much
your investments will earn, inflation rates and if Social Security income is
considered; you can edit these to see how they impact the calculation.
·
Based on your inputs, how much monthly income is your
current strategy estimated to provide?
·
Assume that monthly income will not be sufficient. In at least 100 words, what steps can you
take now and/or in retirement to live comfortably in retirement?
Step 3:
Calculate how savings can
grow
How long will
it take you to reach $1 million in savings?
Answer the four questions in this calculator to calculate when you could
become a millionaire: http://www.igrad.com/schools/universityofphoenix/?TargetURL=%2FResources%2Fmillionaire-calculator
·
How many years will it be before you reach $1 million in
savings?
·
Thinking of what your life might be like in retirement,
would $1 million be sufficient to support yourself? (Some things to consider
would be your health, where you live and how much money you owe.) In at least 100 words explain why or why not?
Estate Planning
In 50 or more
words define each of the following:
·
Will
·
Living Will
·
Trust
·
Power of Attorney
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