MSPTA Presentation - Shotwell Rutter Baer

MICHIGAN STATE
TROOPERS ASSOCIATION
Retirement Planning
Resources:
www.srbadvisors.com/mspta
• Copy of presentation
• Links to the sites mentioned
Shotwell Rutter Baer
• Registered Investment Advisory Firm
• Retirement Planning
• Investment Planning / Investment Management
• Fee – Only, Fiduciary Advisors
• Two Certified Financial Planners
• Clients throughout Michigan (and the country!)
The Bad News
(depending on how you look at it)
• State Troopers tend to retire
younger than the general public
• If you retire at age 55, you should
plan on retirement lasting 30+
years
• Lots of uncertainty in the markets
• The Michigan State Police Plans
can be complicated
The Good News
• You have very robust retirement
plans regardless of which plan
you are in
• Those tools include:
• Defined Benefit Plans, where you
don’t have to worry about
contributions and investments
• Defined Contribution Plans, where
you can save more to boost your
retirement savings
PLANNING ELEMENTS
Traditional Pension Plan
Elements of the Michigan State Police
Retirement System
• Pension –
Defined
Benefit Plan
• Retirement Savings –
Defined Contribution
Plan
• Deferred Retirement
Option Plan – “DROP”
• Health Insurance
Retirement
Pension
457/401k
DROP
Health
Benefits
Which Plan Are You In?
Hired BEFORE 6/10/12
Hired AFTER 6/10/12
• Traditional pension plan
• Pension Plus Plan
funded by the state
• Ability to defer compensation
into the 401k or the 457
plans
• State contributes to pension
• YOU contribute 4% to your
pension
• YOU defer savings into
401k/457
• State matches a portion of
your contributions
Hired BEFORE 6/10/2012:
• Traditional Pension
• Defined Benefit Plan
• Your pension will be a
set amount by formula
• State
Contributes to
your pension based on
an actuarially
determined formula
Defined
Benefit
Plan
(Pension)
401k
457
Hired BEFORE 6/10/2012:
• Defined Contribution
Plan:
• You contribute to your
401k / 457 plan
• Benefit will depend on
how much you contribute
and how you invest the
funds
Defined
Benefit
Plan
(Pension)
401k
457
Traditional Pension: Full Retirement
Final Average
Compensation
• Any Age
• 25 Years
of Service
X
60%
Traditional Pension: Deferred Retirement
Final Average
Compensation
• Age
50
• 10 or more Years
X 2% X
Years of Service
Traditional Pension: Duty Disability
• No Age
/ Service Years
• Medical determination
of total disability that is
duty related
Final Average
Compensation
X
60%
Traditional Pension: Non - Duty Disability
• No Age
Requirement
• 10 years of service
• Disability not work
related
Final Average
Compensation
X 2.4% X
Years of Service
Traditional Pension: Survivor Benefit
• If
you die after
retirement
• Hired before 7/1/2006
• Spouse receives same
pension you receive
Traditional Pension: Survivor Pension
• If
• ”Actuarially Reduced
you die after
Pension”
retirement
• At retirement you will
• Hired after 7/1/2006
choose a level of
coverage for your
• Hired before 6/10/2012
spouse
Actuarially Reduced Pension
• Single Life: 100% of pension payment, but no spousal
coverage
• Joint Life: Lower pension payment, but spouse receives
the same amount if you pass away
• Joint Life with percentage of coverage:
• 100% coverage
• 75% coverage
• 50% coverage
Actuarially Reduced Pension
Actuarially
Reduced Pension
Example
•
•
•
•
•
$50,000 FAC
60% = $30,000
Life expectancy = 82
Jt life expectancy=86
Both would total the
same cumulative
benefit of $840,000 if
you and your spouse
live to life
expectancy
Age
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
Single
Annual
$30,000.00
$30,000.00
$30,000.00
$30,000.00
$30,000.00
$30,000.00
$30,000.00
$30,000.00
$30,000.00
$30,000.00
$30,000.00
$30,000.00
$30,000.00
$30,000.00
$30,000.00
$30,000.00
$30,000.00
$30,000.00
$30,000.00
$30,000.00
$30,000.00
$30,000.00
$30,000.00
$30,000.00
$30,000.00
$30,000.00
$30,000.00
$30,000.00
Cummulative
$30,000.00
$60,000.00
$90,000.00
$120,000.00
$150,000.00
$180,000.00
$210,000.00
$240,000.00
$270,000.00
$300,000.00
$330,000.00
$360,000.00
$390,000.00
$420,000.00
$450,000.00
$480,000.00
$510,000.00
$540,000.00
$570,000.00
$600,000.00
$630,000.00
$660,000.00
$690,000.00
$720,000.00
$750,000.00
$780,000.00
$810,000.00
Joint 100%
Annual
$26,250.00
$26,250.00
$26,250.00
$26,250.00
$26,250.00
$26,250.00
$26,250.00
$26,250.00
$26,250.00
$26,250.00
$26,250.00
$26,250.00
$26,250.00
$26,250.00
$26,250.00
$26,250.00
$26,250.00
$26,250.00
$26,250.00
$26,250.00
$26,250.00
$26,250.00
$26,250.00
$26,250.00
$26,250.00
$26,250.00
$26,250.00
$26,250.00
$26,250.00
$26,250.00
$26,250.00
$26,250.00
Cummulative
$26,250.00
$52,500.00
$78,750.00
$105,000.00
$131,250.00
$157,500.00
$183,750.00
$210,000.00
$236,250.00
$262,500.00
$288,750.00
$315,000.00
$341,250.00
$367,500.00
$393,750.00
$420,000.00
$446,250.00
$472,500.00
$498,750.00
$525,000.00
$551,250.00
$577,500.00
$603,750.00
$630,000.00
$656,250.00
$682,500.00
$708,750.00
$735,000.00
$761,250.00
$787,500.00
$813,750.00
Evaluating Survivorship Pension
Options
• Your
relative ages
• Your other resources
• Spouse’s Social Security
• Spouse’s pension benefits if available
• Life Insurance
• Liquid assets
• Spending needs in retirement
• Cash flow needed while both of you are living
• Cash flow needed by surviving spouse if you pass away
Traditional Pension:
Duty - Related Pre-Retirement Survivor
Final Average
Compensation
• No Age
/ Service Years
• Killed in line of duty
X 60%
To your surviving
spouse
Traditional Pension:
Non - Duty Pre-Retirement Survivor:
Final Average
Compensation
• No Age
/ Service Years
• Death not work related
X 2.4% X
Years of Service
Cost of Living Adjustment
• 2% / year increase UP TO $500 / year
• Begins in second October after retirement
Pension vs. Inflation
• $500 Maximum COLA
• Pension goes from
$50,000 to $64,500 over
30 years
• 2.5% Average Inflation
• Spending need goes
from $50,000 to
$102,320 over 30 years
COLA vs. 2.5% Inflation
$120,000.00
$100,000.00
$80,000.00
$60,000.00
$40,000.00
$20,000.00
• Difference:
$37,820
$1
3
5
7
9 11 13 15 17 19 21 23 25 27 29
Spending w/ 2.5% Inflation
Pension w/ $500 COLA
Health Insurance Benefits
• Health Insurance Benefits
• Premium based on family size
• Retiree premiums lower than active duty premiums
• IF you are Medicare eligible, the premium for state coverage after
age 65 may be further reduced
PLANNING ELEMENTS
Pension Plus Plan
Pension Plus: Defined Benefit
• The
State contributes
to your pension based
on formula
• YOU contribute 4% of
earnings to your
pension
Defined
Benefit
Plan
(Pension)
401k
457
Pension Plus: Defined Benefit
• Age
55
• 25 years of service
• Age
60
• 10 years of service
• Vested
after 10 years
Final Average Comp
X Pension Factor X
Years of Service
Pension Factor
• 2%
for first 25 years
• Declines by 0.4% /year
for years 26 - 30
Example: 28 years of
service:
• 2% for years 1 – 25
• 1.6% for year 26
• 1.2% for year 27
• 0.8% for year 28
Pension Factor Example:
• 28
years of service:
• $50,000 FAC:
• 2% for years 1 – 25
• $25,000
• 1.6% for year 26
• $800
• 1.2% for year 27
• $600
• 0.8% for year 28
• $400
• Total: $26,800
Pension Comparison
Traditional Pension
Pension Plus
$50,000 FAC x 60%:
$30,000
$50,000 x 2% x Factor:
$26,800
+ 3% Salary Match into
401k + Personal Health
Care Fund
Pension Plus: Defined Contribution
• You
contribute to your
457 or 401k
• Auto – enrolled for 4%
• The state MATCHES
your contribution:
Defined
Benefit
Plan
(Pension)
• 100% of first 2% into
401k - HRA
• 50% of next 2% into
401k
457
401k
Contributions In English!
• You
contribute 4%
• The State matches 3%
• 2% into HRA 401k
• 1% into savings 401k
• Total:
7%
• You can (and should)
contribute more!
4%
You
3%
State
7%
Total
Pension Plus: 401k Vesting Schedule
• YOUR
contributions
are always 100%
vested
• The
employer
contributions vest
according to schedule
Employer Contributions
Years of Service
Percent Vested
Before year
0%
After year 1
0%
After 2 years
50%
After 3 years
75%
After 4 years
100%
PLANNING ELEMENTS
Other Items to Consider
The “DROP”
• Eligible after
25 years
• Pick a number of years
to defer your pension,
up to 6 years
• Continue working
• Credited a percentage
of your pension
• Earns 3% interest
DROP Period
% of Pension
Less than 1 year
30%
1 year – 2 years
50%
2 years – 3 years
60%
3 years – 4 years
70%
4 years – 5 years
80%
5 years – 6 years
90%
6 years
100%
Social Security
• Spousal Benefits if
your spouse works
• Benefits from previous
employment
• General Rules:
• Full Retirement Age 66 –
67 years old
• Eligible for reduced
benefits at 62
• Can allow benefit to
continue to grow by
waiting until age 70
401k Plan
• ”Defined Contribution” Plan
• As Public Safety Employees:
• Can take withdrawals without penalty after retirement IF you are
over 50 years old
• Most people need to wait until 55 or 59 ½
• Can contribute up to $18,000 + $6,000 if over age 50
457 Plan
• ”Defined Contribution” Plan for government employees
• Can take withdrawals without penalty after retirement IF
you are over 50 years old
• Can contribute up to $18,000 + $6,000 if over age 50
CREATING A PLAN
Bringing the Pieces Together
Bringing It All Together As A Plan
• How much
457 /
401k
Pension
DROP
Retirement Income
you have in
retirement will depend
on all these parts
working together
Plan Your Cash Flow Needs
• How you
structure your
retirement will depend
on how old you are
when you need income
• What do you need to
spend?
• What do you WANT to
spend? When?
How old will you be at
retirement?
How much of your
monthly expenses will be
covered by your pension?
What short-term goals do
you have that will require
more money?
What long-term goals do
you have for spending?
Pension: The Foundation
• Goal
should be to have
the pension cover your
basic living expenses
• Can’t mess it up
• Can’t outlive it
Pension
Non - Retirement Savings
• Contingency Funds
• Bank
savings
• Short-term spending
needs
Savings
Pension
DROP Savings
• Because the
DROP
behaves like a savings
account, it is good for
short-term spending
needs
• If not needed for shortterm spending, funds
can be rolled into an
IRA and invested.
DROP
Savings
Pension
Retirement Funds
• Preserve the
tax –
deferral for as long as
possible
• Fill the gap between
your pension and your
spending needs
Retirement
Funds
DROP
Savings
Pension
How
much
will you
need to
spend?
#3
How
long
will you
work?
#2
#1
Three Things You Can Control:
How
much
can
you
save?
Rollover IRA vs. 401k / 457 Plans
IRAs
• Penalties for withdrawals
before 59 ½
Qualified Plans
(401k / 457 & DROP)
• No penalty for
withdrawals if you are 50
when you retire
BUT…
BUT…
• Wide array of investment
options available
• Limited to investment
options within the plan
Be Careful with Rollovers!
• If you roll your 401k, 457, or DROP to an IRA, you lose
the ability to take penalty – free withdrawals prior to age
59 ½
• If you are retiring early, evaluate your cash flow needs
prior to making any rollovers
• Keep enough funds in the qualified plans to avoid tax
penalties
• You can do partial rollovers to take advantage of better
investment options with excess funds
Getting Help
Registered Investment
Advisors
Registered Reps /
Insurance Sales
• ONLY paid by the client
• Paid by commissions /
• Fiduciary Standard
sales
• “Suitability Standard”
• Sometimes a mix of fees
and commissions
• Transparency
Key to finding help:
• Find a firm or an advisor that does NOT need you to do a
rollover to get paid!
• Find a firm that will emphasize planning over investments
• Find a firm paid by YOU and not by the products they sell
to you!
Assess
your goals
Make a
plan
Invest your
assets
Questions to Ask:
• How are you paid?
• Are you a Registered Representative?
• What are your credentials?
• Can you describe your clientele?
• Can you provide your firm’s Form ADV?
• Do you offer more than investment
advice?
Resources:
• CFP Board: www.cfpboard.org
• Verify credentials, find a planner near you
• National Association of Personal Financial Planners:
www.napfa.org
• Find a Fee Only planner
• Checklists for interviewing a planner
• Broker Check: www.brokercheck.org
• Maintained by FINRA (Financial Industry Regulatory Authority)
• Shows registrations, disciplinary actions
Shotwell Rutter Baer
• Independent
• Fee – Only Fiduciaries
• Certified Financial Planners
• Depth of experience with state
employees and Michigan State Police
• Comprehensive planning: “Big Picture”
• Income / budgeting
• Insurance
• Investments
• Liabilities
Resources:
www.srbadvisors.com/mspta
• Copy of presentation
• Links to the sites mentioned
MANAGING YOUR
RETIREMENT SAVINGS
ACCOUNTS
Contributions
Traditional Pension
Pension Plus
• No automatic
• Auto – Enrolled for 4%
contributions
• You can contribute as
much as you can afford
• Up to $36,000 between
401k & 457
• You can contribute as
much as you can afford
• Up to $36,000 between
401k & 457
Contribution Comparison
• $40,000 average
compensation
• 6% average market
return
4% vs. 12% Contributions
$400,000.00
$350,000.00
$300,000.00
$250,000.00
• $126,493 @ 4%
contribution
• $379,479 @ 12%
contribution
$200,000.00
$150,000.00
$100,000.00
$50,000.00
$1
3
5
7
9 11 13 15 17 19 21 23 25 27 29
4% Contribution
12% Contribution
Contributions: Pre – Tax vs. Roth
Traditional Pre-Tax
Roth Contributions
• Deducted from taxable
• NOT deducted from
income when contributed
• Grow tax – deferred
• Taxed as income when
taken out during
retirement
taxable income when
contributed
• NOT taxed as income
when taken out
Pre – Tax Contributions
Pros
• Lower Tax Bill while you
are working
• Great if you end up in a
lower tax bracket during
retirement
Cons
• Every dollar you take out
will be taxed during
retirement
• At age 70 ½ you need to
start taking mandatory
distributions
• Heirs will need to pay tax
at their tax rate if they
inherit these funds
Roth Contributions
Pros
Cons
• Tax – free growth
• No current tax benefit
• Not taxed during
while working
• Likely to be in a lower tax
bracket in retirement
retirement
• No minimum distributions
• Heirs do not pay tax if
they inherit these funds
Investment Basics: Stocks
• Represent ownership
of a company
• Long – term Growth
• Short – term volatility
• Betting on long-term
growth of the economy
• Types
of stock funds:
• Large Cap stocks
• Mid Cap Stocks
• Small Cap Stocks
• Value Stocks
• Growth Stocks
• International Stocks
• Emerging Markets
Stocks
Investment Basics: Bonds
• Represent a
loan to a
company or
government
• Pay interest
• Rise and fall in price
as interest rates
change
• Do well in times of fear
/ lousy economy
• Types
of bond funds:
• Government Bonds
• Corporate Bonds
• Short – Term Bonds
• Intermediate - Term
Bonds
• Long – Term Bonds
• High – Yield Bonds
• Global Bonds
Investment Basics: Mutual Funds
• Portfolios of
stocks or
bonds
• Generally all of a
certain type
• Diversified to reduce
risk
• Form the portfolio’s
building blocks
Bonds
International
Stocks
Large Cap Stocks
Investment Basics: Building a Portfolio
• Because different
economic environments
are good for different
investments, we want to
diversify our portfolios.
• How we mix together the
different types of
investments determines
how much risk we are
taking
Stocks
Bonds
$100,000
$10,000
$16,743 US Small Cap Index
$1,000
$5,386 US Large Cap Index
$135 Long-Term
Government Bonds Index
$100
$21 Treasury Bills
$10
$13 Inflation (CPI)
$1
$0
1926
1936
1946
1956
1966
1976
1986
1996
2006
Investment Basics: Risk & Reward
• Over the long – haul, the
more risk you take, the
more your potential return
• As a rule of thumb you
should be aggressive
when you are young and
invest more conservatively
as you approach
retirement
Aggressive
Moderate
Conservative
Investment Basics: Risk & Reward
• How you
mix stock
funds and bond funds
determines how much
risk you are taking
• The more you have in
stock funds, the higher
your risk but also the
higher your potential
reward.
Bonds
Stable
Value
Stocks
Target Date Funds
• Single –
Fund Solution
• Becomes more
conservative as
retirement date draws
closer
Long Time to
Retirement
Risk Level
Closer to
Retirement
Target Date Funds
• If
you are going to use
target date funds:
Long Time to
Retirement
• Use them for 100% of
your account
• Don’t jump in and out as
the markets change.
These are meant to be
long-term holdings
Risk Level
Closer to
Retirement
Building A Portfolio
• Individual funds can be used to create a portfolio
• Can be tailored to your own risk tolerance and needs
• Be prepared to do some research
• Seek professional guidance
• Our firm can work with you to build an appropriate
portfolio
Risk
Tolerance
Time to
Retirement
Ability to
Save
401k / 457:
Index or “Passive” Funds
Category
Fund Name
Stable Value
Investment Contract / Short-term
Investment
Bond Market Index
SSgA Bond Market Index
Large Company Stocks
SSgA S&P 500 Index
Mid - size Company Stocks
SSgA MidCap Index
Small – Company Stocks
SSgA Russell 2000 Index
International Stocks
SSgA Global All Cap Equity ex-US
401k / 457:
Actively Managed Funds
Category
Fund Name
Intermediate – Term Bonds
PIMCO Total Return Fund
Balanced (mixed stocks and bonds)
Oakmark Equity Income
Large Company “Value” Stocks
Dodge & Cox Stock
Large Company ”Growth” Stocks
Rainier Large Cap Growth
Mid – size Company Value Stock
T. Rowe Price Mid Cap Value
Mid – Size Company Growth Stocks
Artisan Mid Cap
Small – Company Growth
Voya Small Cap Growth
Small – Company Vlue
RidgeWorth Small Cap Value
International Stocks
American Funds EuroPacific Growth
Emerging Market Stocks
SSgA Emerging Markets
Building A Portfolio
Asset Allocation
9%
SSgA Bond Market Index
13%
0%
43%
SSgA S&P 500
Dodge & Cox Stock
9%
SSgA Russell 2000
Ridgeworth Small Cap Value
SSgA Global All Cap Ex US
13%
SSgA Emerging Markets
13%
Self – Directed Brokerage
Account
• Connects your 401k / 457 to a TD Ameritrade Account
• Allows you to invest in a broad range of mutual funds,
exchange traded funds, stocks, and bonds
• Service cost of $50 / year
• Transaction costs that vary based on what you purchase
• Our firm can work with you if you want to use the SDBA
Option
Resources:
www.srbadvisors.com/mspta
• Copy of presentation
• Links to the sites mentioned
PLANNING CASE STUDIES
Case Study 1: Officer Smith
Goals
• Retiring at 56 after 30 years,
started in 1986
• Needs $36,000 / year after –
taxes to pay his bills
• Would like to purchase a
cabin in the UP for $100,000
at retirement
• Wants to travel with his
spouse on one big trip every
year, $5,000
Assets
• Expects $46,000 / year from
his pension
• $10,000 in his bank savings
account
• Will have $450,000 in the 457
plan at retirement
• Will have $175,000 in the
DROP at retirement
Case Study 1: Officer Smith
• Pension:
• Pays the bills
• “Necessary” spending
• Use DROP:
• Purchase Cabin ($100,000)
• Fund vacations, near-term
spending
• Contingency Funds
• 457 Plan:
• Invest for future spending to
supplement pension
401k/457
DROP
Pension
Case Study 2: Officer Jones
Goals
Assets
• Retiring at 53 after 30
• Expects $42,000 / year
years, started in 1986
• Needs $45,000 / year
after – taxes to pay his
bills
• Plans to work part – time
and expects $15,000 /
year for the next 7 years
from his pension
• Will have $450,000 in the
457 plan at retirement
• Will have $200,000 in the
DROP at retirement
Case Study 2: Officer Jones
• Pension & Part-time:
• Pays the bills
• “Necessary” spending
• Use DROP:
• Keep enough in DROP to
create an emergency fund
• 457 Plan and remaining
401k/457
DROP
DROP can be invested for
growth and future income
Pension
Resources:
www.srbadvisors.com/mspta
• Copy of presentation
• Links to the sites mentioned
TOP 7 MISTAKES YOU
CAN MAKE INVESTING
Focusing On Short – Term Returns
#1
• In
the short – term
market performance is
not predictable
• The day – to – day
market movements are
chatter that distracts
you from long-term
results
$100,000
$10,000
$16,743 US Small Cap Index
$1,000
$5,386 US Large Cap Index
$135 Long-Term
Government Bonds Index
$100
$21 Treasury Bills
$10
$13 Inflation (CPI)
$1
$0
1926
1936
1946
1956
1966
1976
1986
1996
2006
Using Recent Returns to Choose
Investments
#2
• As
the markets change,
different groups of stocks
will rotate in and out of
favor
• Cover all your bases
• Put another way: You
should always own
something that doesn’t look
good!
There is no pattern to winning
and losing asset classes / funds
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Higher
Return
Low er
Return
12.3
7.6
62.6
33.2
34.5
36.0
39.8
8.8
79.0
28.1
9.4
18.6
38.8
32.0
5.8
8.4
5.1
56.3
29.9
25.5
32.6
8.2
6.6
51.4
26.9
3.4
17.9
32.4
13.7
4.5
7.3
3.6
47.3
26.0
13.8
19.8
6.3
4.7
28.5
24.9
2.3
17.1
26.0
4.9
1.4
6.4
3.4
36.2
18.3
4.9
18.4
5.9
-33.8
27.2
19.2
2.1
16.3
1.2
1.9
1.0
2.5
-6.0
28.7
10.9
4.6
15.8
5.5
-37.0
26.5
15.1
0.6
16.0
0.6
1.2
0.9
-2.4
-7.1
2.0
2.7
3.1
4.3
3.6
-39.2
2.3
3.7
-4.2
2.1
0.3
0.2
0.2
-10.2
-20.5
1.9
1.3
2.4
4.1
-1.6
-47.8
0.8
2.0
-15.5
0.9
-0.1
-1.8
-4.4
-11.9
-22.1
1.5
0.8
1.3
3.8
-17.6
-53.2
0.2
0.8
-18.2
0.2
-2.3
-5.0
-14.6
S&P 500 Index
Russell 2000 Index
Dow Jones US Select REIT Index
Dimensional International Small Cap index
MSCI Emerging Markets Index (gross div.)
BofA Merrill Lynch One-Year US Treasury Notes Index
Barclays Treasury Bond Index 1-5 Years
Citigroup World Government Bond Index 1-5 Years (hedged to USD)
Getting Out of the Market When Things
Get Rocky
#3
• Markets
cycle up and down
• Getting out when you’re worried
about the markets means you
miss the opportunity to gain back
losses
Reducing Contributions When Markets
Aren’t Cooperating
#4
• Contributing when the
markets are down =
buying low and selling
high!
Forgetting About the Risk of Inflation
#5
• We
pay attention to market
risk, but inflation is a very
real risk as well
• Need to stay invested to
keep pace with inflation
Spending vs. COLA
COLA vs. 2.5% Inflation
$120,000.00
$100,000.00
$80,000.00
$60,000.00
$40,000.00
$20,000.00
$1
2
3
4
5
6
7
8
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
Spending w/ 2.5% Inflation
Pension w/ $500 COLA
Analysis Paralysis
#6
• Don’t let
the number of
choices keep you from
taking action
• Keep it simple
• Get professional help
How
long
will you
work?
How
much
will you
need to
spend?
#3
#1
#7
#2
Letting what you can’t control get in the
way of what you can control
How
much
can
you
save?