StudentShare solutions
Triangle menu

Retirement Planning - Essay Example

Not dowloaded yet

Extract of sample
Retirement Planning

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 ...Show more


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…
Author : pmitchell
Retirement Planning essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Retirement Planning"
with a personal 20% discount.
Grab the best paper

Related Essays

Retirement Planning
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 those who want to be a blessing to their children and grandchildren rather than dependent upon them.
4 pages (1000 words) Essay
In the United States, we do not need to plan for retirement. Social Security will cover our needs when we are retired
According to Feldstein (2005), the Social Security program of the United States is considered to be the largest program initiated by the government in the world, and it is the largest expenditure in the federal budget. This large-scale government program offers benefits to retirees, to the survivors and the disabled to ensure that they do not have to struggle to make ends meet.
5 pages (1250 words) Essay
Financial Planning
A Financial Planner is always set and has capabilities to help others in dealing with various financial issues. Planners' tasks are plentiful, but foremost include investment planning, appropriate advice on cash flow, estate planning, business planning, risk management and insurance planning, retirement planning, and many other issues relating to Finance1 together with an estimate of the probable outcomes of the recommended strategy.This assigned study describes the relevance of financial planning for clients as useful tools of financial services guide & skills requirement, Client Financial Fitness Assessment and its use as a useful strategy.
8 pages (2000 words) Essay
Retirement in America
In America, one can take advantage of the retirement planning opportunities and there are wide-ranging privileges extended to the aged which make life after retirement trouble-free. "The term 'retirement' generally connotes a complete and permanent withdrawal from paid labor and entering retirement is often thought as an abrupt change in the life of an elderly person." (Costa, 2000, p.
9 pages (2250 words) Essay
Retirement Planning
Man’s life is full of uncertainty. Today’s earnings do not give any guarantee of tomorrows benefits unless they are planned and saved in an orderly manner. Personal Finance is one such process which
5 pages (1250 words) Essay
Retirement Awareness
Many factors play a major role in early retirement such as illness, economic soundness or private occupation. Many factors play their role in making early retirement decision. Greater wealth is obviously one of the factors. Other most
3 pages (750 words) Essay
In the United States, we do not need to plan for retirement. Social Security will cover our needs when we are retired
This large-scale government program offers benefits to retirees, to the survivors and the disabled to ensure that they do not have to struggle to make ends meet. However, this program is
5 pages (1250 words) Essay
Change in Retirement since life expectancy increased
On the other hand those who did not save enough or had lot of responsibilities throughout their lives have to work hard even during the post retirement phase to meet their financial burden. With the increase in life expectancy, the
1 pages (250 words) Essay
When and Why to Think about Retirement and Estate Planning
Estate planning requires taking stock of one’s assets and putting them in writing and then indicating whom you want to inherit those
1 pages (250 words) Essay
Retirement Issues
For most of the people, it is not possible to work during the entire life. Sooner or later age would take its toll and limit physical movement as well as the thought process. Every person is aware of this fact and tries his level best to secure his lifelong livelihood within the specific time of working life.
15 pages (3750 words) Essay
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
Comments (0)
Rate this paper:
Thank you! Your comment has been sent and will be posted after moderation