fall retirement guide Are You Financially Fit to Retire?
The chart below illustrates how you might determine your Wage Replacement Ratio, a tool that can help you determine how much money you’ll need in retirement and what strategies to use to make the best use of your current income, assets, and other resources; afford as many lifestyle choices as possible during your retirement; and leave a legacy to others aſter death, if that’s important to you. For more information, see “Are You Financially Fit to Retire?” on page 66.
Retirees A & B working budget
Income (current) budget Expenses Income taxes Property taxes Food Utilities/phone Mortgage Payroll taxes (Social Security, Medicare) Health insurance Auto insurance Entertainment Clothing Auto maintenance/operation Auto payment Charity Savings Miscellaneous Total expenses WRR required to maintain lifestyle
Use of Time Time spent on leisure
Ages 55-64 — 5.76 hours a day Ages 65-74 — 7.2 hours a day Ages 75+ — 8.16 hours a day
Time working
Ages 55-64 — 3.6 hours a day Ages 65-74 — 1.2 hours a day
Ages 75+ — less than 30 minutes a day
*INFORMATION FROM “OLDER AMERICANS 2010: KEY INDICATORS OF WELL- BEING,” FEDERAL INTERAGENCY FORUM ON AGING-RELATED STATISTICS
$120,000 current 25,000 5,000 5,200 2,400 23,000 6,120 520 800
5,000 2,160 3,000 4,800 3,000 22,000 12,000 $120,000
Retiree A
retirement budget $120,000
retirement 20,000 5,000 5,200 2,400 0 0
1,380 800
5,000 1,500 2,000 0
3,000 0
12,000 $58,280 48.6%
Retiree B
retirement budget $120,000
retirement 20,000 5,000 5,200 2,400 23,000 0
1,380 800
5,000 1,500 2,000 4,800 3,000 0
12,000 $86,080 71.7%
Older Veterans
Veteran status of America’s older population is associated with: • higher median family income, • lower percentage of uninsured or covered by Medicaid, • higher percentage of functional limitations in activities of daily living or instrumental ac- tivities of daily living, • greater likelihood of having a disability, and • less likelihood of rating their general health status as good or better.
*INFORMATION FROM “OLDER AMERICANS 2010: KEY INDICATORS OF WELL- BEING,” FEDERAL INTERAGENCY FORUM ON AGING-RELATED STATISTICS
RETIREMENT COMMUNITY SOURCE S EPTEMBER 2011 MILITARY OFFICER G
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