Financial Planning for the Second Half of Life

https://learn.extension.org/events/1653#.U9-iT010yM8

Barbara O’Neill, Ph.D., CFP®, AFC, CHC Rutgers Cooperative Extension

oneill@aesop.rutgers.edu

Webinar Objectives • Discuss common later life financial decisions

• Discuss common later life financial errors

• Discuss 15 later life financial planning topics

• Discuss relevant research findings

• Discuss personal finance resources for older adults and financial practitioners

“Street Cred” Extension Specialist in Financial Resource Management (former county FCS Agent)

• Financial educator and author

• Certified Financial Planner®

• In the second half of my financial life

Question #1: What are Some Major Financial Concerns in Later Life ?

Why Focus on Later Life When 80% of PFMP Clientele are 18-34? • New topic….haven’t explored much before

• You make better decisions if you “see” your senior self (Hal Hershfield research: http://hbr.org/2013/06/you-make-better-decisions-if-you-see-your-senior-self/ar/1)

• Can inform cautions and warnings to young adults (e.g., save statements for future capital gains)

• Information may be helpful personally

Question #2: What financial advice would your current self give your younger self earlier in life if you could have done so?

Age 50 (+/- 5 to 10 Years) • Financial “halftime” or “intermission”

• Think about past accomplishments

• Think about what you still want to do

• New challenges and decisions

• Increased interest in “giving something back” to family, community, charities

• Many people want to simplify/downsize

No More Excuses !!! • I don’t have enough knowledge

• I don’t have enough time

• I don’t have enough money

• I don’t have anyone to help me

• I don’t want to make a mistake

Common Financial Errors of Older Adults:

• Changing investment strategy drastically on a specific date (e.g., 65th birthday)

• “Forgetting” about effects of inflation

– 3.5% inflation will double costs in 20 years

• Relying too heavily on financial salespeople

• Assuming that estate planning is for “the rich”

• Retiring without considering health coverage

• Not planning for long-term care expenses

• Improper asset withdrawals

Increased Financial Complexity and Major Decisions

• When to start Social Security benefits

• When to retire: how much money is “enough”?

• Where to live in retirement

• Taxation of SS and pension benefits; estimated tax payments

• Purchase of health insurance

• Long-term care planning

• Required minimum distributions (RMDs)

• Estate planning documents

A Tale of Three Retirees • http://www.njherald.com/story/26005492/2014/07/13/a-tale-of-

three-retirees-how-to-maximize-your-nest-egg

• Case #1- 80 and 78, just retiring, $10 million portfolio, $5 million in tax-deferred plans, no RMDs yet taken

• Case #2- Early 70s couple, just retiring, $600k saved, even with 6% withdrawal, will take 40% income cut

• Case #3- Mid 60s single parent, $10k saved and not saving, expects to never retire or move in with adult child

Question #3: What are Some of Your Later Life Financial Planning Stories (Good or Bad)?

Research: Wealth Declines • Overall U.S. median net worth fell 38.8% between 2007 and

2010 Survey of Consumer Finances (SCF)

• $126,400 in 2007 and $77,300 in 2010

• Median household income fell 7.7%

• $49,600 in 2007 to $45,800 in 2010

• Major stock indexes fell almost 50% between 9/07- 3/09

• Yields fell dramatically on liquid and time deposits

• 3-Month CD: 5.46% in 9/07 and 0.28% in 09/10

Federal Reserve Study: http://www.federalreserve.gov/pubs/bulletin/2012/pdf/scf12.pdf

Research: Median Net Worth • Americans' median wealth is $44,900 per

adult -- half have more, half have less (average of $301,000 per adult)

• U.S. median net worth is 19th place worldwide below Japan, Canada, Australia and much of Western Europe (4th for average net worth)

http://money.cnn.com/2014/06/11/news/economy/middle-class-wealth/

Research: Lower Retirement Confidence

• Americans’ confidence in their ability to retire comfortably is at a low level

• Only 18% of workers are “very confident”

• 64% of workers say they or spouse have saved for retirement

• 60% of workers have savings and investments (excluding home & DB pension) < $25,000

• 33% of workers expect to retire after age 65; 49% of surveyed retirees left workforce unexpectedly

2014 Retirement Confidence Survey (RCS): http://www.ebri.org/surveys/rcs/2014/

Research: Increased Life Expectancy

• More than half of people >45 underestimate how long they will live • Can result in inadequate provision for retirement savings needs

Reference (Financial Advisor): http://www.fa-mag.com/news/society-of-actuaries-say-people-underestimate-their-life-spans--11480.html • Average life expectancy for man reaching age 65 today: Age 83 • Average life expectancy for woman reaching age 65 today: Age 85

Reference (Social Security): http://www.ssa.gov/planners/lifeexpectancy.htm BEST to use life expectancy calculators with lifestyle questions: http://www.msrs.state.mn.us/info/Age_Cal.htmls http://gosset.wharton.upenn.edu/mortality/perl/CalcForm.html

Research: Health Care Costs • Even with Medicare benefits, a 65-year old couple retiring in

2012 will spend at least $240,000 on health care costs during their retirement

Reference (Wall Street Journal/Fidelity Investments): http://online.wsj.com/article/SB10001424052702304543904577394543896250220.html • A man needs $187,000 and a woman $213,000 to have a

90% chance of having enough money to cover health care expenses in retirement

Reference (EBRI): http://www.ebri.org/publications/ib/index.cfm?fa=ibDisp&content_id=4711

Research: Long-Term Care Needs • Americans spent $207.9 billion in LTC services in 2010 • 12% of Americans turning 65 will spend between $25,000 and

$100,000 on LTC expenses and 6% will spend > $100,000

• 7 million LTC policies in force vs. 45 million Medicare enrollees

Reference (Journal of Financial Planning): http://www.fpanet.org/journal/SeekingAlternativestoLongTermCareInsurance/ • Assisted living expenses vary considerably across the U.S.

• $4,794 per month in New Jersey versus $2,617 in North Dakota

Reference (Wall Street Journal/MetLife): http://online.wsj.com/article/SB10001424052970203937004578079184108523030.html

Other Interesting Research Findings • People with wealth and health are more likely to

delay retiring than poor and sick people

Reference (CRR, Boston College): http://fsp.bc.edu/healthy-wealthy-and-not-retiring/ • Couples lack communication on retirement goals

• 62% on when to retire • 47% on whether to continue working • 33% on where to retire

Reference (AAII Journal/Fidelity Couples Retirement Study): http://www.aaii.com/journal/article/couples-lack-communication-on-retirement-goals

Question #4: What Research Findings About Older Adults Have You Read Recently?

15 Key Financial Second Half Issues

• Financial basics

• Investing decisions & asset allocation

• Avoiding financial fraud

• Creating a retirement “paycheck”

• Required minimum distributions

• Tax-planning strategies

• Transferring untitled personal property

• Communication issues about money

• Getting help and hiring advisors

• Social Security decisions

• Health insurance

• Long-term care insurance

• Estate planning

• Health-wealth connections

• Leaving a legacy

1. Don’t Forget “The Basics” • Net Worth Statement

– Summary of assets and debts: http://njaes.rutgers.edu/money/pdfs/networthcalcworksheet.pdf

• Specific financial goals – Include a date and cost:

http://njaes.rutgers.edu/money/pdfs/goalsettingworksheet.pdf • Cash flow statement

– Summary of income and expenses • Emergency reserve • Financial Fitness Quiz (Check-up): http://njaes.rutgers.edu/money/ffquiz/

BRAND NEW: Personal Health and Finance Quiz http://njaes.rutgers.edu/money/health-finance-quiz/

• Believed to be FIRST combined online health and personal finance behavioral practice assessment tool; IRB approved at Rutgers

• Provides an assessment of daily actions taken to improve health and personal finances

Assess Current/Future Insurance Needs

• Life insurance

• Disability insurance (if employed)

• Health insurance (e.g., Medigap, work)

• Long-term care insurance

• Property insurance

• Umbrella liability

2. Follow Recommended Investment Strategies

• Don’t invest if you don’t understand • Diversify (different asset classes and types) • Invest for long term goals: 5+ years • Have reasonable expectations • Buy low-cost investments • Don’t pay attention to daily market “noise” • Balance risk and reward

– All investments have some type of risk

Ownership Versus Loanership Investments

• Ownership Investments: – Variable

Annuities

– Stocks

– Real Estate

– REITs

– Growth mutual funds

• Loanership Investments: – Fixed Annuities – Corporate Bonds – Government Bonds – Ginny Maes – Money Market Mutual

Funds – CDs – U.S. Savings Bonds

Later Life Investing Need-to-Knows

• Historically, stocks have provided the highest return of any asset class over the long term

• The trade-off is a higher chance of loss

– Risk-Reward Relationship (pyramid graphic)

• May want to gradually ramp-down stock % of portfolio asset allocation during retirement

– Traditional guideline: 100 to 115 – age = Percentage in stock

– New research: rising equity glidepath: http://www.kitces.com/blog/should-equity-exposure-decrease-in-retirement-or-is-a-rising-equity-glidepath-actually-better/

• Rebalance portfolio regularly

More Later Life Investing Need-to-Knows

• Maximize catch-up contributions if age 50+ – + $5,500 ($23,000 total)- employer plans

– + 1,000 ($6,500 total)- IRAs

• Maximize employer plan matched savings

• Assess your investment risk tolerance – See www.rce.rutgers.edu/money/riskquiz/

• Must complete plan rollovers in 60 days

Later Life Investing Action Steps

• Consider hiring a professional adviser – See www.fpanet.org, www.cfp-board.org, and

www.napfa.org for names of local advisers

• Consolidate scattered retirement plans for easier minimum distribution calculations

• Absent health issues, plan on living at least to early 90s

• Take advantage of all savings opportunities before retirement

Question #5: What Other Investing Advice Do You Have for Older Adults?

3. Avoid Investment Fraud 2011 AARP Study: 4 Behaviors that increase seniors’ risk of being a fraud victim:

1. Attending “free lunch” seminars

2. Entering drawings and contests for free prizes

3. Reading and accepting junk mail offers

4. Sitting through sales pitches

References: http://assets.aarp.org/rgcenter/econ/fraud-victims-11.pdf http://www.givemebackmycredit.com/blog/2011/06/aarps-fraud-study-key-behaviors-that-make-seniors-more-likely-to-fall-victim-to-scams.html

Is It Too Good to Be True?

• High yield often means high risk

• Watch out for buzz-words: “guaranteed,” “limited offer,” “safe as a CD,” or “risk-free”

• Beware of exotic, unusual products

Warning:

If it sounds too good to be true, it probably is!

Get the facts in writing OR hang up/delete http://www.usa.gov/topics/consumer/scams-fraud/investment.shtml

Elder Investment Fraud Resources

• Video: http://www.youtube.com/watch?v=2WfJfxajucM

• Publications: – http://www.nasaa.org/1733/eiffe/

– http://www.kiplinger.com/columns/ask/archive/how-to-protect-parents-from-elder-investment-fraud.html

4. Create a Retirement “Paycheck” (Income Stream)

• Try to simulate regular income stream – Annual cash withdrawals (1/12 per month)

– Automated monthly fund withdrawals

– “Laddered” bonds or CDs

– Post-retirement employment • Earnings limit under FRA: $15,480 (2014)

• Keep tax-deferred investments and Roth IRAs growing as long as possible

How Much Money Can You Take Out of Savings?

• Draft a budget before you start spending

• Keep an eye on inflation

• Two key factors determine how long savings will last:

– Your withdrawal rate

– The rate of return on your investments

Withdrawal Rate Consensus • Between 4% of principal, if 50% + in stock

– $4,000 a year if $100,000 saved ($333 per month)

• Lower (e.g., 3%) if conservative investor; also recent cautions (2.5% withdrawal?) due to low interest rates – http://www.onefpa.org/journal/Pages/The%204%20Percent

%20Rule%20Is%20Not%20Safe%20in%20a%20Low-Yield%20World.aspx

• Consider hiring a certified financial planner for 2-3 hours (go prepared with net worth and budget)

• Do a Monte Carlo analysis for probability of not outliving money

You Need $300,000 Saved for Every $1,000 of Monthly Income

$300,000 x .04 = $12,000 ÷ 12 = $1,000 of monthly

income $600,000 for $2,000 per month $900,000 for $3,000 per month $1.2 million for $4,000 per month $1.5 million for $5,000 per month

That’s Why You Convert Percentages Into Dollar Figures

• Dollar figures provide a much better “benchmark” than percentages (too vague)

• More likely to get people’s attention

• People often gasp (at classes) when they see this illustration

• Did YOU gasp?

Retirement “Paycheck” Need-to-Knows

• Possible income sources include: Social Security, defined benefit pension plan, defined

contribution plan (e.g., 401(k) and 403(b) plans), individual retirement accounts (IRAs), annuities, taxable account investments, post-retirement earnings, home sale proceeds, rental real estate, reverse mortgage

• When making withdrawals, generally tap taxable and tax-free investments first, then tax-deferred employer plans and traditional IRAs (must start RMDs at age 70 ½), and then Roth IRAs)

Retirement “Paycheck”- More Need-to-Knows

• Long-term capital gain rates if assets held > 1 year

– 0% (10% and 15% tax brackets); 15% (25%, 28%, 33%, and 35% tax brackets); 20% (39.6% tax bracket)

• Mandatory withdrawals required at age 70½

• No withdrawal penalty after age 59½

• Roth IRA withdrawals are tax free after age 59½ and if account is open at least 5 years

Suggested Investment Strategy for Older Adults

• Set aside enough $$$ to pay uncovered excess expenses for 3-5 years in a money market fund or short-term CD

– (e.g., $30k income - $15k from SS and/or pension = $15k uncovered expenses x 3-5 years = $45k to $75k in cash)

• Remainder grows in stock & bond funds. Sell stock shares periodically and add to cash assets

• If stock market tumbles -- hang tough. Tap cash and bonds and dividends first.

Retirement “Paycheck” Action Steps

• Calculate when you can afford to retire and how much can be safely withdrawn annually – Check several online calculators – Use the “4% rule” as a benchmark – Seek assistance from a financial advisor

• Save as long as possible in tax-advantaged investments – Roth or traditional IRAs – Tax-deferred employer accounts

5. Take Required Minimum Distributions (RMDs) • Applies to distributions from:

– Traditional IRAs (Roth IRAs are tax-free) – 401(k)s, 403(b)s, 457 plans, SEPs, TSP

• Must begin distributions by April 1 of year following year one turns 70 1/2 – 70th birthday: 1/3/14; Age 70 1/2: 7/3/14 – Begin distributions by 4/1/15 (drawback: must take

two taxable 2015 payouts if delay) • Employer plans: must start RMD in the year you stop

working but can delay first RMD to April 1 of year after one retires (same drawback): http://www.theslottreport.com/2010/07/im-still-working-whats-my-rmd.html

How Much to Take Out • Required Minimum Distribution (RMD)=

– Balance on Dec. 31 of prior year /Life expectancy (use factor in IRS uniform distribution table)

– See http://njaes.rutgers.edu/money/ira-table.asp – Uniform table automatically recalculates life

expectancy (1.9 years if you live to 115!) – Separate table if spouse > 10 years younger (joint

life expectancy) • Failure to take RMD: Tax penalty of 50% of the

required distribution (must match or exceed RMD) • Plan custodian will report account balance numbers to

the IRS

Some RMD Examples • Retiring 80 year old, first RMD due to “Still Working

Exception,” $5 million in tax-deferred employer plans: RMD divisor of 18.7: – $5,000,000 ÷ 18.7 = $267,379 taxable RMD

• 70 ½ year old, already retired, taking first RMD, $1 million in tax-deferred plans: RMD divisor of 27.4: – $1,000,000 ÷ 27.4 = $36,496 taxable RMD

• Be sure to have taxes withheld or make quarterly estimated payments to the IRS!!!

6. Practice Tax Avoidance (Minimization)

• Tax-deferred investments

– Employer salary reduction plans

– IRAs

– Annuities (look for low expense providers)

• Age 50+ catch-up contribution

• Long-term capital gain on investment profits

• Good financial records (deductions, capital gains)

• Tax preparer for a “good template”

7. Consider Untitled Property Transfers

• “Who gets grandma’s yellow pie plate?” – http://www.extension.umn.edu/family/financial-

security/who-gets-grandmas-pie-plate/ • Consider interests of family members

– Examples: coin collection, antique car • Make a written list of property and heirs • Share list with family and executor • Consider lifetime gifting of property • Annual gift tax exclusion: $14k per donee (2014) • Can transfer unlimited amount of property (or cash)

to charity without gift/estate tax liability

8. Communicate With Others • Ask executor, contingent executor, power of attorney

designee, etc. to serve

• Prepare/share a “financial notebook”

• Share location of key documents

• Discuss burial wishes with family

• Discuss living will issues with proxy

• Prepare letter of last instructions

• Discuss/list personal property bequests

• Discuss disposition of digital assets

9. Get Help When Needed • CPA for complicated taxes • Financial planners:

– 888-FEE-ONLY or www.napfa.org (NAPFA) – 800-282-PLAN or www.fpanet.org (FPA) – 888-CFP-MARK or www.cfp-board.org (CFP®

Board) – http://garrettplanningnetwork.com/ (Garrett Network)

• Go prepared to reduce time and fees – Bring financial statements, list of goals, questions

Question #6: What Other Financial Resources are Available for Older Adults ?

10. Understand Social Security • Reduced SS benefits available at age 62

• Full SS benefits at Full Retirement Age (FRA)

– Age 66 if born between 1943-1954

– Age 67 if born in 1960 or later

• Must be “fully insured” with 40 quarters of coverage (a quarter = $1,200 of earnings in 2014)

• There is no earnings limit after FRA

• Before FRA, $1 of benefits withheld for every $2 over earnings limit ($15,480 in 2014)

Social Security Need-to-Knows • It is usually wise to postpone SS benefits if:

– You have substantial earnings

– You are in good health

– You do not need the money for current living expenses

• Contact SS about 3 months before retiring (online)

• See www.ssa.gov for general SS information

• See http://www.ssa.gov/myaccount/ for SS benefit estimate

Social Security Action Steps • Download benefit estimate annually and review for

accuracy: http://www.ssa.gov/myaccount/

• Estimate/calculate percentage of retirement income coming from Social Security (if retired)

• Do a Ballpark Estimate retirement calculation (if working) See http://www.choosetosave.org/ballpark/

• Factor Social Security into divorce plans – Must be married 10 years to qualify on ex-spouse’s record

• Go Direct (direct deposit of SS benefit check)

11. Understand Older Adult Health Insurance • Medicare covers people age 65+

• Medicare has 4 parts: A, B, C, and D

• Many beneficiaries buy Medigap policies

• Retiree health benefits are increasingly scarce

• Early retirees must cover health insurance “gaps” (e.g., between a job and Medicare eligibility)

• COBRA can extend group benefits for 18 mos. OR those < age 65 can use ACA law exchanges – See http://www.medicare.gov/ and www.healthcare.gov

Health Insurance Action Steps • Apply for Medicare within 3 months of age +/- age 65

• Pay attention to 60-day COBRA deadlines

• Safeguard health insurance documents

• Inquire about employer retiree benefits, if any

• Contact SHIP (State Health Insurance Assistance Program) for assistance with purchasing state-licensed Medigap (Medicare supplement) policies

• www.shiptalk.org

12. Understand Long Term Care Insurance • Potential cost of LTC is a big financial risk • Nearly half of Americans will need LTC at

some point in their lives • LTC covers a wide range of services

– Nursing home, assisted living, in-home care

• Best time to buy LTC insurance is generally age 55 to 60

• Adult children help pay premiums?

Key LTC Insurance Policy Features to Look For

• Amount of daily coverage

• Length of coverage (e.g., 3 years, 5 years)

• Types of benefits provided (e.g., home health care)

• Elimination (waiting) period (e.g., 3 months, 6 months)

• Number of activities of daily living or ADLs required to trigger benefits (e.g., bathing, toileting, eating, dressing)

• Method of making an inflation adjustment, if any

Resource: Financing Long-Term Care (eXtension): http://www.extension.umn.edu/family/financial-security/resources/

LTC Insurance Action Steps • Contact SHIP for assistance with purchasing

LTC policies from licensed state providers

• Explore LTC options, including:

– LTC insurance

– “Self-insurance”

– Annuitized income sources (e.g., DB pension, SS, annuity)

– Continuing Care Retirement Communities

LTC Resources • American Association for Long-Term Care Insurance:

http://www.aaltci.org/

• U.S. Department of Health & Human Services: www.alzheimers.gov

• Medicare: www.medicare.gov

• Medicaid: www.medicaid.gov

• eXtension/University of Minnesota (Financing Long-Term Care): http://www.extension.umn.edu/family/financial-security/resources/

Question #7: How Are You and/or Your Older Clients Preparing for Potential Long-Term Care Expenses?

13. Solidify Estate Planning • Spelling out your wishes (e.g., property transfers) is

a gift that you give to others

• Dying intestate (without a will) may result in unnecessary hassles and expenses

• Three recommended documents: – Will for bequests to people and charities and to name

executor(s) and guardian(s)

– Living will for health care decisions with a designated health care representative

– Durable power of attorney to handle financial affairs while you are alive

Estate Planning Need-to-Knows • The principal goal of estate planning is to make sure that

assets are distributed as you desire with the least amount of taxes

• Permanent $5 million inflation-adjusted federal gift and estate tax exclusion ($5.34 million in 2014) as of 1/13 tax law

• Beneficiary and contingent beneficiary designations should be reviewed periodically

• See http://njaes.rutgers.edu/money/pdfs/beneficiary-designations.pdf

– Wills and trusts

– Life insurance policies

– Retirement accounts

– U.S. savings bonds

Estate Planning Action Steps • Keep property information in one place

• Let trusted persons know where estate planning documents are kept

– Worksheet: A Record of Important Family Papers http://njaes.rutgers.edu/money/pdfs/importantpapers.pdf

• See an attorney to draft or revise documents

• Revise documents as life events require

• Remember, peak decision-making age is 53: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=973790

14. Appreciate Health and Wealth Cost Linkages

• The “price” of good health is the need for more wealth: Good health raises (NOT lowers) a person’s lifetime care costs

• Center for Retirement Research (CRR) projections of remaining lifetime

health care costs of couples who reached indicated ages in 2009: Age Healthy Unhealthy 65 $260,000 $220,000 70 $266,000 $241,000 75 $265,000 $236,000 80 $259,000 $220,000 85 $244,000 $202,000

• More years of out-of-pocket medical bills and an increased risk of chronic disease (e.g., diabetes) and need for LTC

Reference (CRR, Boston College): http://money.usnews.com/money/blogs/the-best-life/2010/05/12/good-health-raises-lifetime-care-costs

Take Care of Yourself! “The greatest wealth is health” Virgil See www.njaes.rutgers.edu/sshw for information about health

and wealth connections SSHW webinar: https://learn.extension.org/events/1625#.U9_6GE10yM8

15. Leave a Legacy- Give Something Back

Many ways to “leave a legacy” – Children and grandchildren – Creative works (art, books, music) – Volunteer time helping others – Charitable gifting

• Testamentary gifts via one’s will (less than 6% of Americans leave money to charities when they die; 20% of those who die with wills)

• Outright gifts of cash, property, securities • Charitable trusts (see an attorney)

Helpful Online Resources • Rutgers Cooperative Extension

– www.njaes.rutgers.edu/money

– www.investing.rutgers.edu

• Social Security Administration

– www.ssa.gov

• State Health Insurance Assistance Program (SHIP)

– www.shiptalk.org

• Planning for a Secure Retirement (Purdue Extension)

– www.ces.purdue.edu/retirement

More Helpful Online Resources • Choose to Save Ballpark Estimate

– http://www.choosetosave.org/ballpark/

• Financial Security in Later Life (USDA)

– www.csrees.usda.gov/fsll

• Retire Well (University of Illinois)

– http://web.extension.illinois.edu/cfiv/eb141/

• Retirement Living Information Center

– http://www.retirementliving.com/taxes-by-state

Still More Helpful Online Resources

• Center for Retirement Research at Boston College • http://crr.bc.edu/

• Retirement Readiness Rating • http://www.ebri.org/pdf/surveys/rcs/2000/fact8-r3quiz.pdf

• My Retirement Paycheck (NEFE) • http://www.myretirementpaycheck.org

Question #8: What Are Some Others Good Financial Planning Resources For Older Adults?

Don’t Make Assumptions! Puts people on the defensive; they will feel that others don’t understand them and tune out

Prevention Tips for Millennials and “Militaryennials”

• Don’t forget the basics (cash flow, net worth, goals)

• Contribute to tax-deferred employer retirement savings plans NOW (TSP, 403(b), SEP, etc.)

• Select investments for the long term

• Avoid frauds and predatory loans

• Practice tax avoidance/minimization

• Get help when needed (PFMPs, VITA, etc.)

• Prepare basic estate planning documents

Prevention Resources for Millennials and “Militaryennials” Web Sites • NEFE-On Your Own: http://www.onyourown.org/ • PBS- Your Life, Your Money:

http://www.pbs.org/your-life-your-money/ • Military Saves: http://www.militarysaves.org/ • Wi$eUp: http://wiseupwomen.tamu.edu/ • Books • Personal Finance in Your 20s for Dummies (Tyson) • Get a Financial Life (Kobliner)

Questions? Comments? Experiences?