Essay Retirement Plan

Saving For Retirement Essay

Saving for retirement is one of the most important things a person can do. With the future of Social Security very uncertain it would be very wise for young people to start investing early. Every since I was a kid my parents drilled in me to save your money you never know what the future may hold. Those words have stuck with me my whole life. Luckily I had enough wisdom to take there words to heart. I've been investing now since I was nineteen years old. I currently own three mutual funds, two IRAs, series EE and II bonds. I also have a savings account so that when I retire next year out of the military I will not have to touch my investments. It feels really good to be financially stable. Young people are becoming more and more aware of their financial future with the president trying to pass a bill that would allow you to invest part of your social security it has become more evident that we are going to have some serious problems with social security in a few years. Just 5 percent of people age 25-34 believe that social security will be there when they retire. Young people are beginning to take their retirement in there own hands, approximately 61 percent of workers age 25-34 are investing in there retirement, that's up considerably since I started in the work force. The best to way to get started is by having your paycheck deducted automatically each month, this way you will never see the money and there is less chance of you spending it. The rule of thumbs is to try and put away about 10 percent of you monthly pay, but if can't afford that right away put away what you can and increase as your income...

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Are Americans ready to retire? No!

2378 words - 10 pages This research paper address the question: Are Americans ready to retire? No! Americans are not only not ready to retire, they are not confident in how much they have saved for their retirement years. There are several reasons for this lack of confidence. According to a recent study by the Metlife Mature Market Institute, more than half of adults age 45 to 70 nationwide (a full 53%) say they are behind in their retirement goals. The study also...

Retiring Smart with Social Security Essay

1435 words - 6 pages PAGE \* MERGEFORMAT 1 RETIRING SMART WITH SOCIAL SECURITY PAGE \* MERGEFORMAT 2 Retiring Smart with Social SecuritySocial Security is designed to be a safety net to keep older Americans out of poverty, but it may not be enough to provide a comfortable retirement. There is much statistical data relating to Social Security along with many...

Pension Crisis

1064 words - 4 pages Retirement BenefitsWith under-funded retirement plans recently forcing companies such as US Airways into bankruptcy, and IBM into efforts to restructure future retirement plans, the threat of social security shortfalls looming on the horizon, and business trends today focusing on cost minimization, traditional benefit packages have been pared down in order to maximize a company's profit while maintaining the ability to attract talented...

Implications Behind Pension Scheme and Savings Scheme in Retirement Protection

1178 words - 5 pages Introduction Retirement protection has become a concern in the world in recent years. Due to the existence of aging population and the improvement in living standards, people in developed regions started to demand for more social welfare. In the past, individuals would be self-independent or assisted by their next of kin (usually their children) financially when they retired. However problems emerged. Not everyone has the sufficient economic...

Individual Retirement Accounts Analysis

1112 words - 4 pages As a student I have conducted analysis pertaining tax reform, specifically focusing on Individual Retirement Accounts. The analysis covers the current state of the tax environment, reviews possible solutions and proposes a set of recommendations to deemed to be most simple, equitable and economically efficient. The current tax structure for individual retirement accounts in the United States is plagued by the lack of incentives offered to...

Women & Investing

1557 words - 6 pages Women of retirement age have a difficult time taking care of themselves financially. Many of them cannot afford basic necessities such as food, housing, and health care. According to the Alliance for Retired Americans the poverty level among women age 65 or older is 13 percent. Those numbers are even higher for minorities, widows, and never-married women. The poverty level among the elderly is at 16 percent for Asians and Pacific Islanders,...

Social Security: Will it Ensure Security in Retirement?

2188 words - 9 pages The United States Government made a promise to each taxpayer in 1935 that each individual would have some form of retirement income, but the fact is that nobody should depend on a broken system as a sole source of retirement income based on the promises made so many years ago. Current shortfalls in the general budget raise many questions regarding the sustainability of the United States Government as a whole. Current projections for Social...

Individual Retirement Account

1746 words - 7 pages OutlineThesis: When planning for retirement, Individual Retirement Accounts offer several benefits; however, careful planning is essential to ensure that: upon retirement there is an adequate amount of money saved, that the heirs to the IRA are chosen carefully, and that unnecessary taxes and penalties are avoided.I....

United States Social Security Policy

1852 words - 7 pages Social Security in the United States today is being utilized in a manner never intended much different from how it was intended, with over 33 percent of retirees using the funds as a main source of income (“Many” para 1). While it appears to be a genuinely good and generous thing that the government provides a substantial income for senior citizens, the funds are drying up more quickly each year. They are expected to run out by the year 2033, but...

This paper analyzes an article about 401k.

881 words - 4 pages PurposeThe purpose of this paper is to analyze the article, "More Employees On Their Own" by Albert B. Crenshaw. This paper will discuss the effects that the volatile financial market, specifically the 401(k) plan, is having on industries and their employees.IntroductionA 401(k) plan permits employees to choose to defer a portion of their wages on a pretax basis. The plan must be part of a qualified profit-sharing plan, a...

Employee Benefits

1164 words - 5 pages MemorandumDate: April 13, 2008To: Upper ManagementFrom:Subject: Benefits for Employees.Management is involved with alluring and retaining the employees, whose performance meets at least minimum level of acceptability, and at keeping absenteeism and turnover rates to tolerable levels. The plan of benefits and services can be and are essential in cultivating the employees and keeping turnover and absenteeism as low as...

Planning for Retirement Essay

529 Words3 Pages

“You can be young without money, but you can’t be old without it” -Tennessee William As we age into wisdom, money becomes more essential to our daily lives. Discouragingly, we who are opportune to have jobs, misuse our finances on desires, like cell phones, computers, iPods, and other miscellaneous commodities. Rather than what is profoundly essential to ones futures, as we age, we steadily realize this, but in several cases it may be too late when we finally pick up on this information.
When retirement is convenient, we are looking forward to a unwinding life. It becomes apparent we cannot, owed to financial demand. Consequently, all of our prospects lead to health coverage and monthly bills. Clearly one cannot exist in the absence of…show more content…

If obtaining a job is too strenuous, countless seniors turn to our government for aid. These collected funds will be placed in medical and life support purposes. For purposes such as going through a series of check ups with physicians or hospitals. A grand majority of these check ups require new medicines or costly treatments, both of which obviously need to be paid for. However, there are numerous conditions one can make preparations to preserve the appropriate funds for. First, make sure to start discovering health care plans during young adulthood - if one hasn't already, they should get to it immediately. Secondly, be sure to obtain a career which offers health care benefits and life insurance. One ought to call or go into the company’s health care provider’s office to talk to an assistant. Be sure to mention what type of plan you wish to compose. Ask about any and all options your company is offering to you. With this you may need to mention your marital status, if you have any children, and to be able to answer any questions or show any documents on you and your family’s medical history. All of these are important keys to judge your eligibility for any health care plan. Finally, be sure to place any extra funds toward more insurance benefits or emergency funds. You can never expect the unexpected. Why not be prepared? With all being said; One ought to plan out their

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