Successful Career and Retirement Plan

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Grand Canyon University *

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358

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Arts Humanities

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Jan 9, 2024

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docx

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1 Successful Career and Retirement Plan Katherine McLaughlin College of Humanities and Social Sciences, Grand Canyon University PSY 358: Adult Development and Aging Professor Pullara October 29, 2023

2 Part One: Key Career Factors An individual's career choice is significantly influenced by the collection of experiences they go through in life. These experiences are shaped by their adaptation to the environment and the various biopsychosocial processes they undergo, all of which contribute to forming their personality. Personality type theory suggests that people tend to select their careers based on their personality traits and occupational interests. Intelligence, skills, abilities, and interests play crucial roles in determining a person's potential career choices. In the process of choosing a career path, individuals consider their preferences, taking into consideration factors such as their physical and mental capabilities, academic skills, and economic circumstances, (Koçak et al.2021). Furthermore, career decisions are often influenced by external factors such as expectations associated with a particular profession, societal perceptions of certain careers, and the influences of one's family. These external influences can play a significant role in shaping an individual's career choices, in addition to their internal qualities and interests. Part Two: Description of Retirement Retirement signifies the withdrawal from one's occupation or active working life, and it holds a universal appeal primarily because of the freedom it offers. Work is a central aspect of life, necessary for earning money to support oneself and enjoy life. When one retires, they gain the opportunity to relax and savor life without the pressures of employment. In the United States, the average retirement age is 64, but personally, I aspire to retire by the age of 60. This choice is influenced by the awareness of life's finite and uncertain nature, as well as the understanding that our ability to engage in enjoyable activities may decrease with age. My desired career path is to become a psychologist, a profession that typically comes with a salary of $80,040. According to a retirement calculator, I will need to save $3.08 million to maintain my desired lifestyle during

3 retirement. This financial planning is a crucial aspect of preparing for retirement, ensuring that I can enjoy the freedom and relaxation that retirement offers without financial worries. My primary retirement concern revolves around the fear of depleting my savings. This anxiety is deeply rooted in my most significant life stressor, which is financial stability. The cost of living continues to rise, and this upward trajectory is expected to persist. This becomes particularly worrisome when contemplating potential medical expenses or unexpected high costs during retirement. Additionally, I have other retirement-related apprehensions, including the potential loss of a spouse, the challenge of adhering to a reasonable budget, the unpredictability of the stock market, and the possibility of losing certain benefits. Planning for retirement is inherently stressful due to the extensive budgeting and preparatory work required. This encompasses family expenses, insurance considerations, health savings planning, and ensuring that my retirement fund will last throughout my retirement years. These concerns are compounded by the uncertainty of what the future holds and how the world may change. To mitigate these concerns, I intend to implement a rigorous budgeting and expense tracking regimen. Several crucial steps can be taken to secure adequate retirement savings. The consistent act of saving, creating a comprehensive list of needs, strategic investments, refraining from tapping into retirement funds prematurely, and initiating a retirement plan through my employment benefits are all fundamental strategies. Active involvement in managing investments is particularly crucial. Furthermore, a well-structured budget will be essential to guarantee the timely payment of bills and the reduction of debt. During retirement, there will be a shift in focus from income generation and savings accumulation to budgeting and effective cash flow management ( Fuscaldo , 2022). Investing in vehicles like 401(k) and stocks can be instrumental in maintaining a steady stream of income during retirement. While the concern of

4 exhausting savings in retirement is valid, proactive planning and disciplined saving can help address these worries and ensure financial security in later years. Part Three: Life Post Retirement In my post-retirement phase, my plan is to adapt and cultivate a fulfilling and spiritually enriching life that prioritizes health and connection. Retirement has the potential to cause a sense of diminished self-worth and identity in individuals, which is indeed unfortunate. However, how we structure our lives during retirement can significantly influence whether we experience this perceived "loss" of identity and purpose. One avenue I intend to explore is volunteering or contributing to nonprofit organizations, which allows us to immerse ourselves in the community. Volunteering not only keeps retired individuals occupied but also fosters connections with people who genuinely care. My plan is to remain socially active and engaged, much like my current involvement in community groups, recognizing the enduring importance of community throughout life. For instance, my involvement with the church has been a substantial part of my life during my college years, and I intend to continue serving in the church during retirement. Staying physically active is another cornerstone of my life, and I anticipate maintaining this commitment even as I age. While I understand that my body will undergo changes, my passion for an active lifestyle remains unwavering. Staying active plays, a crucial role in our overall well-being as we grow older, promoting both physical movement and mental clarity. Many others will share similar needs, and by connecting with fellow retirees, we can support one another in staying active. Some activities I'm considering during retirement include participating in stretching classes, Pilates sessions, or hiking. Dietary choices are also of paramount importance as we age since they can help prevent illness and health conditions that become more

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