Aging in Place

PERSONAL FINANCE

Understanding Your Expenses Have you calculated how much money you expect to need in retirement? Yes____ No____ Not Sure ____

Have you estimated your taxes in advance of retirement? (For example, which sources of income will you pay taxes on and what will be left? The goal here is to have a good sense of the actual amount of money that will be available to you each year. Consider getting a tax advisor before retirement, as there can be a lot of issues to deal with that you ’ ve never encountered before .) Yes____ No____ Not Sure ____

Did You Know?

Do you expect to be free of significant debt in retirement? (e.g., mortgage, car payment, credit card balance, personal loans) Yes____ No____ Not Sure ____ Do you currently have a detailed budget for your income and expenses? Yes____ No____ Not Sure ____ Do you have a plan to cover anticipated expenses during retirement? Yes____ No____ Not Sure ____ Do you have a plan to cover unanticipated or emergency expenses during retirement? Yes____ No____ Not Sure ____ Have you sought advice on how best to utilize your retirement savings and/or pension? Yes____ No____ Not Sure ____ If you answered “ yes ”, to whom do you turn for advice?  Professional financial advisor  Elder law professional/attorney  Family; Friends  Banker

Most retirement experts recommend that retirees will need between 70 and 100% of their pre - retirement income to maintain the same standard of living once they stop working. In addition to your Social Security benefits and traditional pension (if any), you can probably spend about 4% of your savings each year. To know if you'll have enough income in retirement, try to estimate your future expenses, based on what you spend now. To help get you started, we have provided a set of budgeting worksheets in the back of this workbook. The National Council on Aging also has a simple tool to help you with budgeting which can be found here: ncoa.org/article/what - is - a - budget calendar - and - why - should - i - use - one/

 AARP or other organization  Online Resources  Financial Planning Books  Other: _____________________

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Aging in Place: Your Home, Your Community, Your Choice

Personal Finance