Nobody downloaded yet

Retirement Planning - Essay Example

Comments (0) Cite this document
Summary
Planning for retirement and starting to implement a savings plan as early as possible in our careers is paramount in order to be able to achieve your retirement goals. Starting the implementation as young as possible allows the individual to minimize the financial impact of your…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER92.6% of users find it useful
Retirement Planning
Read TextPreview

Extract of sample
"Retirement Planning"

Download file to see previous pages One must consider all your current expenses and how your financial needs and responsibilities will change over time as one approaches retirement age. Once a person reaches retirement age many of your current day to day expenses such as gas, car payments and maintenance, and other family expenses will diminish. Other financial responsibilities will most likely be paid off such as personal loans and mortgage payments, but there are other expenses that will likely increase such as medical expenses and entertainment.
On average conservatively speaking individuals need around 80% of their current income in order to be able to live with the same current standard of living after retirement, but if one plans to do a lot of traveling and entertainment your allocation for retirement income will need to increase to 100% -120% of your current income in order to meet your future financial needs after retirement sets in (Hazell, 2012). By carefully planning and analyzing all your current and future expenses your budget allocation will reflect your future financial needs and be able to plan ahead in order to find out how much extra savings one must allocate every month in order to meet your retirement goals and lifestyle choices. After analyzing my current situation and future needs and wants I determined that I will require 100% of my current income in order to live comfortably and still be able to do some traveling while having enough extra income for entertainment. Based on the premise that an individual who is currently 25 years old with a current income of $55,000 a year, approximate future pension of $20,000, and estimated social security payments totaling $19,019 a year who wants to retire in 40 years by age 65 and with a life expectancy of 80 years old will need an additional $625,300 by age 65 or $184,908 in todays dollars.
In order to maximize my return on investment while maintaining a conservative risk profile for risk adverse investors I will diversify my ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Retirement Planning Essay Example | Topics and Well Written Essays - 1000 words - 4”, n.d.)
Retirement Planning Essay Example | Topics and Well Written Essays - 1000 words - 4. Retrieved from https://studentshare.org/miscellaneous/1608826-retirement-planning
(Retirement Planning Essay Example | Topics and Well Written Essays - 1000 Words - 4)
Retirement Planning Essay Example | Topics and Well Written Essays - 1000 Words - 4. https://studentshare.org/miscellaneous/1608826-retirement-planning.
“Retirement Planning Essay Example | Topics and Well Written Essays - 1000 Words - 4”, n.d. https://studentshare.org/miscellaneous/1608826-retirement-planning.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Retirement Planning
...? One of the long term goals of all people that work for a living is to save money for retirement. Retirement planning can be defined as the process of determining retirement income goals and the actions and decisions necessary to achieve those goals (Investopedia, 2012). Time is a variable that works in favor of young people if they start their retirement planning early in life. Compound interest works favorably when people accumulate wealth over time. I expect to graduate with a bachelor’s degree in business administration with concentration in finance in December of 2012. My plan is to work in the private industry for...
3 Pages(750 words)Assignment
Retirement Planning
...? Diversified Retirement Planning School Retirement planning can be complex for some and frightening for others. There are many options between the stock market, bonds, real estate, and commodities with some investments that pay out over time and others that offer cash only upon their sale. Some investments offer tax breaks up front while others do not. The key to proper retirement investing is to diversify properly while making consistent contributions. Diversified Retirement Planning Preparing for retirement is crucial for those who not only wish to support themselves in their old age, but also for...
4 Pages(1000 words)Essay
Retirement Planning
...?Americans work hard all their lives to support their families. The cost of living in the United s has been steadily climbing for years. It is important for people to put money aside in order to accumulate wealth for retirement. In the past people relied a lot on social security benefits as their main source of income for retirement age. Unfortunately the social security system in the U.S. is bankrupt. Young people today are going to receive a much smaller social security pension than the retirees of today. It is very important for people to plan for their retirement. There are a variety of investment instruments that can be used by people to accumulate wealth over their...
4 Pages(1000 words)Assignment
Planning For Wealth, Retirement and the Great Beyond
...? Case Study: Planning For Wealth, Retirement and the Great Beyond and Case Study: Planning For Wealth, Retirement and the Great Beyond Introduction Financial planning and investment management is a compulsory activity that is recommended to all individuals. This paper will clearly explain a 10 year plan of the case presented in line with managing the investment portfolio that includes transitioning from peak earning years to near retirement. The plan will be inclusive of the stages involved in planning and the minimum level needed for funding after the retirement. It also includes rebalancing of the portfolio. The paper will also include the budgeting needed for retirement. This will cover the expenses and income after retirement... and the...
8 Pages(2000 words)Case Study
Retirement Age
...at which a person should remain in employment. There is need to consider that at full retirement age people are entitled to full and unreduced retirement benefits, though this can be received either at the early retirement age of 62 or at the late age of 70, or retire at any time between the age of 62 and 70. I suggest that one should consider the benefits of early retirement, despite the argument that these benefits are reduced by a fraction of percentage, every month prior to full retirement age. However, most Americans are no longer willing to go for an early retirement; in fact, most of them argue that they...
3 Pages(750 words)Essay
Retirement Planning
...Running Head: Retirement Planning Retirement Planning In APA Style By Aruna Nemani Academia Research.com The need for retirement planning, the various options available for retirement planning, tax exemptions that can be availed by investing in these options, the maximum contribution limitations, the minimum age qualified for redemption of amounts from these accounts, other individual retirement accounts, annuities, and other investment opportunities. Introduction Man’s life is full of uncertainty. Today’s earnings do not give any guarantee of tomorrows benefits unless they are...
5 Pages(1250 words)Essay
Effect of a Brief Seminar on Retirement Planning for Senior Dental Hygiene Students
...It is estimated by the Bureau of Labor Statistics Occupational Employment and Wages survey of May, 2007 that hygienists in private dental offices earn a national average of $65,000 per year. However the priority given by the new graduates in the field for retirement planning and investment so as to ensure their and their families financial security are to be rechecked. Consumptions like education debt repayment and establishment costs usually cause the aversion from retirement planning and investment. There are reported studies which has tested the differences in relative risk aversion, a variable that derives its theoretical relevance and explanatory power from the life-cycle hypothesis of consumption and saving (Jefferson, 2007... ). These...
4 Pages(1000 words)Article
When and Why to Think about Retirement and Estate Planning
...When and Why to Think about Retirement and E Planning Affiliation: When should you start to think about retirement and estate planning? Retirement plans should be made as soon as an individual enters the workforce. It is necessary to start this early because of the need to accumulate as much wealth and property as possible that would enable one live a comfortable life after retirement. Estate planning should also start as soon as an individual starts acquiring property that may need to be distributed later on in life or in case the individual dies. Estate planning requires taking stock of...
1 Pages(250 words)Essay
Discussion Week 3 Question 1 Retirement Planning Chapter 4
...Retirement planning Retirement planning It is important to plan for ones retirement. This is because, when retiring, onesage makes it difficult for them to generate income. This is one of the major reasons why planning for ones retirement is very important. According to Jasper (2004), there various ways of planning for ones retirement, but setting up a pension scheme is the best way. A pension is amount of money in which one pays or is deducted in order for them to have an income after reaching the age of retirement where they do not have to work. There various ways of calculating the amount of money one needs to save in order for them to meet a certain amount in which they will be receiving as their retirement income, (Marx 2004... ). For...
1 Pages(250 words)Assignment
Retirement
...(Schieber, 2012). A number of people venture into different fields of work because they desire extra engagement. Reconciliation is the final stage. Ages of individuals at this stage range from the late 70s to early 80s (Schieber, 2012). The imagination stage is core because it dictates the stability of life after retirement in light of finances. In the midst of contemplating retirement, it is important to consider the amount of service credit earned for the total fiscal years of service. Age is another factor of consideration. From the age of 50 to 63 years, for every quarterly of a year there is an increase in retirement benefit (PLANNING YOUR...
2 Pages(500 words)Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Let us find you another Essay on topic Retirement Planning for FREE!
logo footer
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • StudentShare App Store
  • StudentShare Google play
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • Miscellaneous
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us