Marcel V. Kuper
                   CPA - PFS - CFE

500 W Palatine Road - Wheeling,  Illinois 60090 - (847) 215-8630 - Fax: (847) 215-8632

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Life Time Planning, Inc., Retirement Planning

Retirement Planning

Retirement Planning

Retirement Planning

Retirement planning is a lifelong endeavor.  Recognizing this is the first step to ensuring a financially secure future.  Unfortunately, the statistics show that many of us don't realize the necessity of planning for retirement.  According to a study conducted by the U.S. Department of Commerce, only 5 percent of all Americans are financially independent at age 65.  The study further indicated that 75 percent of retirees are forced to depend on family, friends, and Social Security as their only sources of income. You can protect yourself from falling into these statistics by planning NOW for your retirement.
Retirement Planning Retirement Planning, Retirement Financial Plan, Retirement Planning. Retirement Planning, Retirement Financial Planning. Financial Planning Firm Offering Retirement Financial Plan Information. Budgeting For Your Future

To estimate how much you will need, use your current budget as a starting point.  Write down expenses, remembering that they will change when you retire.  For instance, work related expenses, such as lunches, clothing, and transportation, will be eliminated.  However, you may incur additional costs for health care or even utility bills since you may be home more often.  And with more free time, you may decide to spend more money on a hobby or travel.

As you project your expenses, don't forget to consider inflation.  To be safe, most experts recommend assuming a 4 to 7 percent annual inflation rate.  Economists feel this level is a reasonable estimate for the next 10 to 20 years.  

Retirement Planning Retirement Planning, Retirement Financial Plan, Retirement Planning. Retirement Planning, Retirement Financial Planning. Financial Planning Firm Offering Retirement Financial Plan Information. Sources of Retirement Income

There are four main sources of retirement income:
Retirement Planning, Retirement Financial Plan, Retirement Planning. Retirement Planning, Retirement Financial Planning. Financial Planning Firm Offering Retirement Financial Plan Information.  Social Security
Retirement Planning, Retirement Financial Plan, Retirement Planning. Retirement Planning, Retirement Financial Planning. Financial Planning Firm Offering Retirement Financial Plan Information.  Employer Pension Plans
Retirement Planning, Retirement Financial Plan, Retirement Planning. Retirement Planning, Retirement Financial Planning. Financial Planning Firm Offering Retirement Financial Plan Information.  Personal Retirement Savings Accounts
Retirement Planning, Retirement Financial Plan, Retirement Planning. Retirement Planning, Retirement Financial Planning. Financial Planning Firm Offering Retirement Financial Plan Information.  Personal Investments

Some combination of all four sources is essential for a secure and comfortable retirement.

Retirement Planning Retirement Planning, Retirement Financial Plan, Retirement Planning. Retirement Planning, Retirement Financial Planning. Financial Planning Firm Offering Retirement Financial Plan Information. Social Security Benefits

Social Security is the foundation on which additional retirement plans can be built.  Benefits are based on your average lifetime earnings on which you paid Social Security taxes.  So the more you earn the more you collect.

Contact your local Social Security office every three years for a copy of your earnings and tax record.  You can also ask them for an estimate of the benefit you will receive at retirement.

Retirement Planning Retirement Planning, Retirement Financial Plan, Retirement Planning. Retirement Planning, Retirement Financial Planning. Financial Planning Firm Offering Retirement Financial Plan Information. Employer Pension Plans

Pensions are part of the fringe benefit package offered to employees by most companies.  Be aware that provisions vary from plan to plan.

One thing that all plans have in common is that they are "tax advantaged."  You pay no taxes on the contributions your employer makes in your name until you withdrew the money.  Also, any interest you earn accumulates tax deferred until you begin to collect your pension.

Some new rules have been mandated for retirement plans.  These rules shorten the time it takes for an employee to become fully vested.  Plans must adopt either a five year "cliff" vesting schedule or a seven year "graduated" vesting schedule beginning with 1989.  With the "cliff" plan, you become immediately vested in five years.  With the "graduated" plan, you gradually become vested over seven years, at which point you are fully vested.

Retirement Planning Retirement Planning, Retirement Financial Plan, Retirement Planning. Retirement Planning, Retirement Financial Planning. Financial Planning Firm Offering Retirement Financial Plan Information. Personal Retirement Savings Accounts

Personal plans are defined by the Internal Revenue Service as "qualified" retirement plans with superior tax benefits.  These include:

     IRA's - If you are not covered by any employer sponsored pension plans, you may deduct IRA (Individual Retirement Account) contributions of up to $ 2,000 per year if single and up to $ 4,000 if married.  If you are covered by a company sponsored plan, you may still contribute $ 2,000 to your IRA, but the IRS may limit or not allow any deductions, depending on your adjusted gross income.

     401(k) Plans - The amount you contribute to a 401(k) is deducted from your gross income.  Furthermore, any interest or dividends earned are tax deferred until your withdraw your money.  Contact us for information on how much you can contribute annually.

     Keoghs - Self employed taxpayers may establish a Keogh retirement plan.  Contributions to Keogh plans are deductible and earnings accumulate tax deferred.  You may contribute up to 20 percent of your net self employment income, depending on which type of plan you choose.  Contact us for information on how much you can contribute annually.

Retirement Planning Retirement Planning, Retirement Financial Plan, Retirement Planning. Retirement Planning, Retirement Financial Planning. Financial Planning Firm Offering Retirement Financial Plan Information. Personal Investments

If you want to maintain your current lifestyle, your own investment holdings should make up part of your retirement income.  The key is to select investments that reduce your tax bill, while building your retirement nest egg.  Some low risk investment vehicles to from include annuities, municipal bonds, and EE savings bonds.

Retirement Planning Retirement Planning, Retirement Financial Plan, Retirement Planning. Retirement Planning, Retirement Financial Planning. Financial Planning Firm Offering Retirement Financial Plan Information. How Much Money Will You Need?

Estimate that in order to retire with financial security, you will need at least two thirds of your pre retirement income, three quarters provides a more comfortable margin.  In any case, we recommend that you consider these factors in your estimates:

Retirement Planning, Retirement Financial Plan, Retirement Planning. Retirement Planning, Retirement Financial Planning. Financial Planning Firm Offering Retirement Financial Plan Information.  The number of years you plan to be retired.
Retirement Planning, Retirement Financial Plan, Retirement Planning. Retirement Planning, Retirement Financial Planning. Financial Planning Firm Offering Retirement Financial Plan Information.  The lifestyle you would like during those years.
Retirement Planning, Retirement Financial Plan, Retirement Planning. Retirement Planning, Retirement Financial Planning. Financial Planning Firm Offering Retirement Financial Plan Information.  The rate of inflation between now and the day you retire.

Where Will Your Retirement Income Come From?

Americans who hope to retire with an annual income of at least $20,000 will receive this money from the following sources:

Retirement Planning, Retirement Financial Plan, Retirement Planning. Retirement Planning, Retirement Financial Planning. Financial Planning Firm Offering Retirement Financial Plan Information.  Social Security - 21%
Retirement Planning, Retirement Financial Plan, Retirement Planning. Retirement Planning, Retirement Financial Planning. Financial Planning Firm Offering Retirement Financial Plan Information.  Pensions - 19%
Retirement Planning, Retirement Financial Plan, Retirement Planning. Retirement Planning, Retirement Financial Planning. Financial Planning Firm Offering Retirement Financial Plan Information.  Investments (interest, dividends) - 34%
Retirement Planning, Retirement Financial Plan, Retirement Planning. Retirement Planning, Retirement Financial Planning. Financial Planning Firm Offering Retirement Financial Plan Information.  Earnings (wages, salaries) - 24%
Retirement Planning, Retirement Financial Plan, Retirement Planning. Retirement Planning, Retirement Financial Planning. Financial Planning Firm Offering Retirement Financial Plan Information.  Other 2%

Retirement Income Sources

AICPA (American Institute of Certified Public Accountants)

If determining how much money you will need seems impossible, don't despair.  We can help you minimize the guesswork.  We welcome the opportunity to help you reach your goals.

For more information please feel free to browse around our web site.  We are always happy to answer any questions, or to schedule a consultation contact:
Email Us or call us at 847-215-8630.

 

 

 

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Retirement Planning, Retirement Financial Plan, Retirement Planning. Retirement Planning, Retirement Financial Planning. Financial Planning Firm Offering Retirement Financial Plan Information.

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Nothing on this web site should be construed as providing specific financial, investment, insurance, business, tax or legal advice.  You should consult with a CPA, accountant, tax advisor, insurance representative, or legal counsel prior to making such decisions.  We do not collect, sell, trade or distribute any personal information, of visitors to this web site.  If you choose to email Marcel Kuper at Life Time Planning, Inc. for further information, any information you disclose will be treated as confidential.

M.V. Kuper P.C.

500 W Palatine Road Wheeling,  Illinois 60090

(847) 215-8630  Fax: (847) 215-8632

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