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RETIRE 101IncludingGeorgia TeachersRetirement System(TRS)What’sYOURTomorrow?Are you saving enough for ALL your tomorrows?National Life Group is a trade name representing various affiliates, which offer a variety of financial service products.Life Insurance Company of the Southwest Form No. 11055(0712)
The Problem Is 50% of Educators after 30 years of Teaching Never Retire,They just Get Tired and change jobs. In Chatham County, only 1 out of 3 teachers are saving forretirement and many of those aren’t saving enough As a State of Georgia employee, your retirement benefit is atthe mercy of the State Legislature. In 2013, Georgia reducedretiree’s benefits by approximately 1200 a year across theboard2 The Average Retired Teacher in Georgia only brings homeapproximately 1,950 per month.1Life Insurance Company of the Southwest 1- SCCPSS 2013 2-AtlJournal 20123
Report CardCOMPLETE THIS REPORT CARD TO BE ENTERED INDOOR PRIZE DRAWING!!Date:NameCell Phone NumberHome Phone NumberHome e-mailSchoolRoom No.Position# YearsSchool e-mailBest time to call or meet: Planning Time:After the Workshop, Please tell us how we did(Comments are appreciated – your input helps us to improve our presentation)·Was our “Retirement 101” workshop beneficial to you?YES·Would this information be beneficial for all educators?YESNONOComments:Following the workshop check all that apply:I am ready to take charge of my financial future and make a commitmentto save money for my retirement.I need more information about TRSGA, 403(b)/457(b) plans, IRAs or Roth IRAs.I have a 403b or other savings plan and would like a no obligation review of my current plan(s)to see how it fits with my TRSGA benefits.I am interested in life insuranceI am already a member of the ValuTeachers/LSW Family—THANKS, We appreciate you.Who is your ValuTeachers representative?THANK YOU FOR YOUR ATTENTION!Life Insurance Company of the Southwest
Longevity: Your Biggest RiskHow many retirement years will you enjoy?*Example of a female whoreaches a certain age Then the average age she isexpected to liveAgeLife 7593.596* Based on information obtained from AnnuityAdvisors.comLife Insurance Company of the Southwest
Become Familiar with Your TRS BenefitHow to determine your TRS Pension Based on your age and years of service under TRS Full retirement is 2% times your years of service Final average compensation based on highest consecutive24 months of membership If you leave your retirement income to a spouse or child itcould reduce your benefit significantlySource: www.trsga.comLife Insurance Company of the Southwest
How to Calculate Your Monthly BenefitSample Calculation1. Years of service2. Multiply 30 (years of service) X 2% (age factor)3. Multiply by average compensation of highest 2 years 4,985 (average) X 60% (payout factor) 4. Taxes 25%5. Joint Health Insurance6. Average Take Home Per MonthFor illustrative purposes only. Source: Georgia TRS HandbookLife Insurance Company of the Southwest 3060% 2,991- 748- 275 1,968
Retirement Income GapCan you live on a fraction of your final salary? 108,050*Income needed in 20 years 59,82540% Net Loss ofSpendable income 35,892Teacher RetirementIncomeBeginWorkingRetireat 60*Assumes a 3% inflation factorSource: TRS HandbookLife Insurance Company of the Southwest
Now Is the Time to Plan & SaveWill you outlive your retirement money? Know your retirement expenses – estimate a budget– Don’t forget taxes and medical costs Identify your sources of income– You may not receive Social Security soon enough Bridge the retirement gap– Buy years of service if eligible– See if PLOP is right for you– Explore saving with a 403(b), 457(b), IRA, ROTH IRA– Create another income stream for life; a Personal PensionLife Insurance Company of the Southwest
Cost of WaitingMonthly Contributions needed to Save 250,000 by Age 65**6% used for illustration1600 1,53514001200 8701000800600400 131 182 256 550 3692000Age125Age230Age335Life Insurance Company of the Southwest Age440Age545Age650Age755
How can I Access My Money? Don’t Forget: This is YOUR Retirement Money—Not aPut and Take Savings Account to buy that BIG TV Loans are Available within the SCCPSS plan For your 403(b) when you turn 59 ½, become disabled,or other IRS provided options For your 457(b) when you leave SCCPSS, becomedisabled, or other IRS provided optionsLife Insurance Company of the Southwest
What Makes ValuTeachers/LSWDifferent? LSW is part of the National Life Group, a 165 year oldAmerican Owned Corporation – No Bailout We are a Mutual Company – No Stockholders In the History of our Company, No LSW client hasever lost any money due to a downturn in the MarketLife Insurance Company of the Southwest
What Are Your Next Steps?How I Will Work with You Schedule a work-through to calculate your TRSbenefit Determine your “retirement gap” and find ways tobridge that gap Explain your 403(b) / 457(b) plan and your othersavings options Address any other questions you may haveLife Insurance Company of the Southwest
Report CardCOMPLETE THIS REPORT CARD TO BE ENTERED INDOOR PRIZE DRAWING!!Date:NameCell Phone NumberHome Phone NumberHome e-mailSchoolRoom No.Position# YearsSchool e-mailBest time to call or meet: Planning Time:After the Workshop, Please tell us how we did(Comments are appreciated – your input helps us to improve our presentation)·Was our “Retirement 101” workshop beneficial to you?YES·Would this information be beneficial for all educators?YESNONOComments:Following the workshop check all that apply:I am ready to take charge of my financial future and make a commitmentto save money for my retirement.I need more information about TRSGA, 403(b)/457(b) plans, IRAs or Roth IRAs.I have a 403b or other savings plan and would like a no obligation review of my current plan(s)to see how it fits with my TRSGA benefits.I am interested in life insuranceI am already a member of the ValuTeachers/LSW Family—THANKS, We appreciate you.Who is your ValuTeachers representative?THANK YOU FOR YOUR ATTENTION!Life Insurance Company of the Southwest
What will your tomorrows look like?Today is the best time to make a commitment to yourselfFlo Cawley 912-655-5815flocawley@valuteachers.comLife Insurance Company of the Southwest
retirement and many of those aren't saving enough 1 As a State of Georgia employee, your retirement benefit is at the mercy of the State Legislature. In 2013, Georgia reduced retiree's benefits by approximately 1200 a year across the board 2 The Average Retired Teacher in Georgia only brings home approximately 1,950 per month.
