Essay on Planning Retirement

* Plan for retirement- planning for retirement can make for a better and easy future. Planning for retirement will also help you learn how to make investments and save money

In the long run you must think about your living. You can do this by maxing your retirement savings. Also, you must become more financially literate. If you want to build wealth over time this is a step to take. Lastly, to improve you must manage household finances better. Money can stretch thin when your family grows. Why not try and save to get you through difficult times?

I regularly encourage young people to start a 401k plan with their employer as soon as they're eligible. This is extremely beneficial because it allows you to put away money before you get your check and are tempted to do something else with that money! If someone decides to participate in their 401k plan for 20+ years, they may be able to secure themselves in a better position to enjoy their retirement. If they start contributing early before marriage, kids, mortgage, and all the other things life comes with, then they will probably continue to invest. I’m glad I started before my life became more complex. I became more disciplined to live without the extra money and continue to live beneath our means, which allowed more contributions when I got promotions or pay raises. The trend continued as a husband, kid, homes, and everything came along.

My middle adulthood plans are determined by how these plans are able to affect even later life stages but also maintain a healthy current state. In the current state of middle adulthood, I will pursue my career in the medical field; with this intention, I will have new expenses to pay such as food, shelter, and clothing for me and my family, property and other bills, health insurance, and transportation costs. Regarding future thinking, maintaining a budget and utilizing a savings account is critical to retirement plans as this will make the most out of investments and my monetary state (Jesse Campbell, 2015, p.

When you retire, you will have hours of extra time to fill with hobbies, traveling or other pastimes. All of these hobbies cost money, so it is important to plan for extra costs in your retirement plan. Right now, begin by reviewing your current lifestyle. Consider which costs will remain the same, increase or decrease following retirement. If you will not be able to save enough for your ideal retirement lifestyle, begin adding additional money to your portfolio every month.

I have read many articles that say the amount you save for retirement depends on X, Y and Z. They all say that one size doesn’t fit all, but we are not saying that. In this article, you will see solid numbers and you will see usable percentages that you can apply right now to your 401K savings plans.

According to a USA Today article from last year, nearly sixty percent of Americans have more than $25,000 put away for retirement. Thirty-six percent of Americans have less than $1000 saved for later in life. This means that as more people, especially the baby boomer generation, retire, there will be more strain on program such as Social Security and Medicare, and ultimately the federal budget that is responsible for these programs. If steps are taken now to close this gap, we will insure the continued longevity of these programs by raising the tax contributions flowing into both Social Security and Medicare.

There are many different ways to save money and there are different things to save for. A savings plan for an immediate want is apparently different than a savings strategy for retirement. One may choose to select stocks, bonds, or mutual funds for a savings strategy, however, my personal choice is to invest in bonds first, then mutual funds.

Social Security, on average, makes up the largest part of older people 's income (Novak, 2012.) With Social Security making up such a vast portion of retirement income, yet only maintaining 62% (Mendel &, Schram, 2012) of a person’s pre-retirement income, individuals should utilize Individual Retirement Accounts, and Defined Contribution plans combined with Social Security to avoid poverty in old age.

Wow, having $90,449.99 towards retirement would be pretty nice. Since starting this assignment I have put a lot of thought into increasing the amount I save for retirement. Yesterday I went through the receipts I found in my purse and couldn’t believe the useless items I bought throughout the week. Sometimes I put no thought into spending. We all will have to face retirement at some point and sadly most won’t be ready. Hopefully others in class put a little more thought into the future. Yes, $36,288.57 is a lot of money and can make huge difference in the way retirement is spent. I’m not a risk taker and would probably cry if I lost money. For now I’ll increase the amount I save towards my 401K and increase the amount I

Retirement? Try asking the people, now, in their mid sixties about that nightmare. “ There was a time when most middle-class Americans could work until they were 65 and then look forward to a financially secure retirement,” (Eskow). As for most individuals, in order to retire, a person must have been working. For most, a job would require going to college; a satisfying job would require a more advanced education. A more advanced education would call for longer payment of student loans. “Education for every American that wants to get ahead? Forget about it.,” (Eskow). With the rising need for education, of course, the price will also rise, and has been rising. Retirement comes into play with the people that were born into money, who have

3. Begin with 3% of your pay going into retirement savings. Each raise/promotion you get increase it by 1% until you have reached your employer’s maximum match rate. Then add the 1% into an IRA until you have reached the percentage that results in your desired retirement account.

When you are young you always hear people saying it is never too early to start saving for retirement, but at that age the last thing you want to do is put your money towards ending the career you are just trying to start. It is hard to imagine a time where you won’t have to go to work on a daily basis, to make a wage, in order to pay your bills, but the ultimate goal is getting to that time in your life where you don’t have to go to work and the bills are already taken care of. The hope for everyone is that the bills are taken care of and you are able to focus on leisurely things you did not have an opportunity for while employed. What we fail to realize is that the longer we wait to save the more we have to be concerned with the pressure of time running out and not enough money saved. Not to mention the sooner you start saving the more time you give your money to grow.

Investing money rather than saving it or possibly spending it on items that are only wants rather than needs is a smarter choice. It is a very uncommon occurrence that over an extended period of time investment values actually decrease instead of increasing. It is fairly simple to invest money. According to www.fidelity.com, the best way to save money for retirement is to invest in the stock market. Over time the gains and increased earnings on stock investments outweigh the losses that may occur with these stock investments. The key to these investments is to not panic when the stock market falls and keep your money working for you. Actually, if an

The trick to retirement is making the savings and investment part of that formula last as long as you do. “Traditionally, experts have advised you to invest your savings in stocks and bonds, with the ratio of stocks to bonds gradually decreasing as you get older. The rule of thumb was to have 65% of your investment dollars in bonds by your 65th birthday.” (aol.sageonline.com) This rule of thumb has changed recently in order to take into account the increase in life expectancy. Now that your retirement money has to last longer, the experts are beginning to lean toward investing more of your money in the stock market and keeping it there further into retirement than you normally would. The most important notion that retirees must learn is that the longer you can go without dipping into your principal, the longer your money will last for you due to the rule of compounding of interest. There are numerous different techniques for people to use in order to retire comfortably and remain comfortable until their deaths. Since deciding how much money you need for retirement is obviously a highly personal calculation, individuals must explore the many different instruments for retirement. So how should people invest today for the future and their retirement?