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Only __% of millennials are confident that social security will provide them with meaningful retirement income
55%
More than _% of millennials believe they will be able to finally retire when they want to, while _% believe they wouldn’t be able to retire due to lack of financial security
70%, 16%
__% of millennials believe they will generate enough income from savings in a retirement plan, but _% are not currently contributing to a plan
65%, 50%
__% of millennials have money saved for retirement, but nearly half have saved less than $10,000
80%
Retirement planning process:
1) Analyze your current assets and liabilities
2) Estimate spending needs and adjust for inflation
3) Evaluate your planned retirement income, and increase by working part-time if needed.
reverse annuity mortgage (RAM)
A mortgage in which the lender uses the borrower’s house as collateral to buy an annuity for the borrower from a life insurance company; also called an equity conversion.
Marital assets include:
Pension benefits, any retirement fund money, dollar growth of a pension plan.
To calculate your net worth today and at retirement:
List Your Assets: Include cash, savings, investments, real estate, and any other valuable property.
List Your Liabilities: Include debts like loans, mortgages, credit card balances, and other liabilities.
Subtract Liabilities from Assets
Project Asset Growth: Estimate the growth of your investments and assets over time, considering expected returns.
Project Liabilities: Consider how debts will change, ideally planning for debt reduction by retirement.
Adjust for Inflation and Savings Contributions: Factor in additional savings and inflation adjustments.
How can you estimate the amount of money you will need during retirement?
calculate your expected annual expenses and multiply by the number of years you plan to be retired.
What expenses are likely to increase or decrease during retirement?
Expenses that may increase include healthcare. Expenses that may decrease include work-related costs (commuting, clothing) and possibly housing, if a mortgage is paid off or you downsize.
How might you adjust your expenses for inflation
increase your estimated annual expenses by an average inflation rate (typically around 2-3%) each year
What are some housing options for retirees?
Staying in their current home if it meets their needs.
Downsizing to a smaller, more manageable home to reduce maintenance costs.
Moving to a retirement community that offers amenities and social activities for seniors.
Assisted living facilities for those needing help with daily activities.
Living with family if support is needed or preferred.
How can retirees avoid retirement housing traps?
thoroughly researching their options, considering the long-term affordability of their choice, and being mindful of contracts or fees that could increase over time. Also avoid properties that require too much maintenance or are in locations far from family, healthcare, or other support systems.
vesting
An employee’s right to at least a portion of the benefits accrued under an employer pension plan, even if the employee leaves the company before retiring.
defined-benefit plan
A pension plan that specifies the benefits the employee will receive at the normal retirement age.
individual retirement account (IRA)
A special account in which the employee sets aside a portion of his or her income; taxes are not paid on the principal or interest until money is withdrawn from the account.
Roth IRA
A retirement account for which contributions are not tax deductible, but earnings accumulate tax free.
Sources of retirement income include Social Security, other public ? plans, employer pension plans, personal retirement plans, and ?
Pension, annuities
If you are born after 1928, you become eligible for Social Security retirement benefits if you have ? quarters of coverage.
40
An IRA entails the establishment of a __ account
trust / custodial
Note 
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