# Presentation: 340318

## Personalize this section to serve your needs.

## Initiative Goals

- Make responsibility for  later life financial security a priority for individuals
- Enhance the capacity of local Extension educators and their partners to deliver effective programs
- Increase economic vitality and quality of life for families and communities

## Why do we need this initiative?

**Financial Assets**
- 50% of American households have accumulated:
-    < $1,000 in financial assets
-    < $35,000 in net wealth

- Source: Consumer Federation of America & Primerica. (1999, October 28).  New study: Typical American household has net financial assets of $1,000.

## February 6, 2002

## February 6, 2002

## February 6, 2002

## Increasing Personal Responsibility for Financial Future

- Employer-provided pensions
- Fewer traditional pension plans
- More self-directed plans
- Many small employers without plans
- Civilian wage and salary workers:
- 62% currently have access to pension
- 38% do not have a pension plan

- Source: U.S. Department of Labor. (1998, June). The national summit on retirement savings, p. 2.

## Retirement gap 
Women
Minorities
Rural populations

- Women
- Minorities
- Rural populations

**Increasing Responsibility....**

## Target Audience

- Baby Boom cohort
- Women, minorities, and immigrants
- Individuals facing retirement income gap
- Farm families
- Employees of small businesses
- Limited resource individuals and families

## Strategies for Success

- Far-reaching communications and marketing
- Research insights
- New/adapted educational strategies
- Comprehensive evaluation
- Targeted resource development
- Strategic partnerships
- Nationwide leadership with local application

## Take the Road to Financial Security in Later Life
America Saves
AARP Legal Check Up
Investing for Your Future
Long Term Care Planning
Retirement Planning
Financial Security Guidebook

- America Saves
- AARP Legal Check Up
- Investing for Your Future
- Long Term Care Planning
- Retirement Planning
- Financial Security Guidebook

**Initiative Program Toolkit**

## Overview Curriculum

**Take the Road to **
**Financial Security **
**in Later Life**

## American Savers
Set savings goal
Get tips for success

- American Savers
- Set savings goal
- Get tips for success

- Partnership with Consumer Federation of America

**Notes:**
Title page

## Legal Checkup - Are You Legally Healthy? 

**Workbook **
**Seminar**

- Partnership with AARP Legal Services Network

## Basic investing home study course
11 units
Available on-line and in print

- Basic investing home study course
- 11 units
- Available on-line and in print

## Long-term Care Planning

- How to assess risk
- Critical conversations with family
- Interactive web site

## Retirement Planning

- Retirement Estimator for Farm Families
- Retirement: Secure Your Dreams
- ASEC Ballpark Estimate
- Other resources targeted for specific audiences

## Slide 18

## Encourage Participants to: Take the Road to Financial Security in Later Life

- PLAN
- For a long and vital life
- ACT
- Do it now!
- EVALUATE
- Your plan as changes are needed
- ACHIEVE
- Financial security for yourself and others

## Outcomes

- Educators will have increased ability to plan, deliver, and evaluate educational programs
- Participants will experience financial security in later life

## Partners to Date

## Financial Security in Later Life Web Site

- _www.reeusda.gov/financialsecurity_