Personal Retirement Plan - Assignment Example

he Retirement Planning Process and Personal Retirement Plan The retirement planning process constitute several steps.... A retirement plan is nothing but a plan which replaces our employment income after we retire.... In terms of tax, a retirement plan is defined by the Internal Revenue Service (IRS) code in the US.... A plan to transfer one's estate after death is known as estate planning.... The paper "retirement and Estate Planning" discusses that the heirs who will be controlling the assets are to be decided....

In most cases, they retire without any retirement plan, and as per the report of the Center for American Nurses, not more than 40 percent of the registered nurses have any retirement plan like 401 (k) offered by the employer or any other long term saving or investment plans (Blakeley & Ribeiro, 2008).... Like other professionals, nurses should also plan their financial security and retirement just from the beginning of their career.... Community involvement through volunteering – They also need to plan their retirement adequately if they wish to be involved in community programs through volunteering (Dziadekwich, Andrushko & Klassen, 2012)....

Personal Retirement Plan Introduction Most individuals work and earn money in their primes so that at time of retirement they have sufficient funds in their pocket to carry out their daily activities and requirements.... Depending on the objective of the individual, an appropriate Personal Retirement Plan can help the individual to balance current and future consumption by determining amount of current investible funds that is available and vesting them in retirement accounts (Purdue University, 2009, p....

Defined benefit plan ensures a certain amount at the time of retirement which is fixed based on the person's salary and years of service.... Defined contribution plan gives an amount on retirement which depends on the money that he has contributed and his investments are included.... In some countries, defined benefit and defined contribution plan are combined and offered to the people after retirement.... Most of the employees prefer the defined contribution plan instead of defined benefit....

If not, when do you plan to begin?... 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 requires taking stock of one's assets and putting them in writing and then indicating whom you want to inherit those When and Why to Think about retirement and E Planning Affiliation: When should you start to think about retirement and estate planning?...

Examples of investment options that I am including in my retirement income plan are money in savings accounts, stocks and bonds investments, tax free savings accounts, and RRSPs and RRIFs (Brown, Chambers & Currie, 2001).... A defined benefits plan will involve getting a pre-determined amount of my income upon my retirement.... On the other hand, a defined contribution plan will use my accumulated investment income and contributions in providing a pension benefit....

The following is a description of Amgen retirement plan description: 401(K) retirement and saving plan Provide a core contribution of 5% as well as a company matching contribution of 100% of staff contributions up to a 5% of eligible pay.... The writer of the essay "Personal Financial plan" suggests that the main advantage of the plan is that it encourages investment culture (and goes beyond to 'force' employees do invest).... Retirement Savings plan This benefit plan is funded by Henry Ford Health System and employees contributions to help plan for their future financial wellness....

Financial plan are used by individuals or businesses progressively and cumulatively to attainment and accomplish a final financial goal or set of circumstances as the case of Veddy and Harry through their elimination of debts, retirement preparedness, investments, estate plan.... A financial plan is used by individuals or businesses progressively and cumulatively to attain and accomplishes a final financial goal or set of circumstances as in the case of Veddy and Harry through their elimination of debts, retirement preparedness, investments, estate plan and life insurance....