Planning Retirement Essay, Research Paper
Planning Retirement
People of all ages should begin planning for retirement and managing their money well so they are ensured enough income when they do retire. Retirees estimate that people will need 71% of their pre-retirement income to maintain their current lifestyles. Stocks and 401(k) plans are recommended.
Facts
Nonretired Americans with household incomes that average more than $50,000 assumes they won t be able to retire until age 59.
More than a third of affluent retirees with children and grandchildren are helping to support them financially, as are 29% of all retirees. Also, nearly a quarter of all retirees whose parents are alive are helping them financially.
Fully 48% of the affluent who aren t retired as well as of all people surveyed who aren t retired believe they have to work part time in retirement. Only 23% of well-off retirees and 16% of all retirees polled are working today.
Affluent nonretirees estimate they ll need only 53% of their pre-retirement income to support their retirement lifestyles. But well-off retirees say they actually require fully 71%.
Fully 25% of affluent nonretirees think it s likely they will run out of money before they die vs. only 12% of well-off retirees.
Affluent retirees single biggest regret is failing to put more money in tax-deferred retirees said they invested the maximum the law permits, compared with only 48% of the affluent nonretirees polled.
Strategies
1. Figure out how much income you ll need in retirement. Retirees told us that to support their lifestyles they typically require 71% of their pre-retirement income, which is much more than many of them expected while they were employed. In fact, nearly two in five retirees said they re spending more an average of 26% more than they thought they would. Our poll found that nonretirees think that retirement they ll need a mere 53% of their current income. For most of them, that will not be enough.
2. Start saving for retirement early. Retirees second biggest regret is that they didn t begin saving at a younger age. An early start is especially crucial for women, whose financial security late in life lags men s at an alarming rate.
3. Make full use of all your tax-advantaged investing options. Well over half of today s retirees (58%) invested the maximum amount allowed in IRAs, 401(k)s and other tax-deferred retirement savings accounts.
4. Put more money in stocks. Fully 41% of retirees wish they had invested more heavily in stocks.
5. Take good care of your health physically and financially retires biggest nonfinancial regret was failing to take better care of themselves during their working years.
6. Don t postpone critical retirement decisions until the last minute. Nearly 25% of retirees said they wished they had spent more time analyzing their pension plans before leaving work.
7. If you are young and have an appetite for risk, invest more heavily in riskier assets (stocks) which are expected to have better returns ever the long haul.
8. Invest in mutual funds unless you have the knowledge required to operate your own portfolio.
9. As you get closer to retirement, scale back on your risk and start to invest more in less risky assets.
10. Bonds are not always less risky than stock. Start saving as soon as you can.
11. If you are purchasing an annuity at retirement, be certain your funds are fairly liquid as you approach your desired retirement date.
12. Start to learn about investments so you will be more sophisticated and have a better understanding of the possible choices and implications of those choices.
13. Be disciplined. Don t be greedy. Create an investment strategy and follow it
Information Gathering
Cash Flow Needs-Retirement plan assets have ballooned in recent years. For the average employee or self-employed individual, retirement assets consisting of pension plans, 401(k) and 403(b) plans, individual retirement accounts, tax deferred annuities, and the like, make up an increasingly large, if not dominate, portion of his or her net worth. Therefore, it has become increasingly important for planners to try to permanently optimize those characteristics that make investment in such plans so attractive. When reviewing retirement asset, however, advisors need to consider overriding questions: “What type of cash flow is needed for his or her living expenses?” Before we can even approach the analysis of the retirement assets and distribution options, we need to dip into their retirement accounts sooner rather than later to maintain any semblance of their preretirement lifestyles in retirement. So the question is, do fancy tax strategies really help these folks? Maybe, but then again, maybe not.
Другие работы по теме:
Lemieux Essay Research Paper Dear Mr Lemieux
Lemieux Essay, Research Paper Dear Mr. Lemieux, 1-21-00 Hello, my name is Raul and I am currently a junior at Duquesne University. I also work part time at a daycare center in Orib, which is a small town in Pittsburgh. I understand
The Pathway Of My Career
–short Essay, Research Paper I decided early on to devote my life to helping people with disabilities be recognized by who they are, not by how they appear. Education opens unexpected doors and I decided that I would use this pathway to my advantage. I enrolled in college, planning to become an instructor. Perhaps I could help by educating them, one class at a time.
How To Plan For A Funeral Essay
, Research Paper How to plan for a funeral The topic of my research assignment is planning and the steps to take when there is a death in the family. My search brought me to Granby s funeral home on White Plains road. There I discovered the truth of how expensive the funeral process is and the benefits to yourself and your family for the simple act of pre-planning.
The Environment In Which Planning Processes Take
? Place May Have An Important Effect On How The Process Is Conducted? Essay, Research Paper The ubiquity of change ? social, economic, political, technological and attitudinal?and the accelerated pace by which it is occurring demand a serious and imaginative response on the part of business if they want to thrive over the next several years, let alone the next decade or 100 years.
Bookreports Essay Research Paper ArchitectThe career that
Bookreports Essay, Research Paper Architect The career that I would like to pursue is Architect. Architecture Engineering has interested me, since I have heard and learned from it. One of the reasons why this field had surpassed my mind is because of the design architects use. Licensed architects sometimes specialize in one phase of work.
The Big City Essay Research Paper It
The Big City Essay, Research Paper It was a curiosity we had had for a long time and had tried planning it for a long time and kept putting it off because we had the bad feeling that we get in a lot of trouble for doing something that we were not supposed to do. We waited for the perfect time for when we get our curiosity out of our system and also bring back a couple of stories.
Power In Negotiating Essay Research Paper What
Power In Negotiating Essay, Research Paper What is power in negotiating? Is it finesse? Is a real? Is it perceived? It could be all these things and more. Power in negotiating is defined by the book pass “the ability to bring about outcomes they desire” or “the ability to get things done the way one wants to be to to”.
Urban Villagers By Herbert J Gans Essay
, Research Paper Urban Renewal in Boston the West End and Government Center Boston’s West End is the most well documented neighborhood destroyed by urban “renewal,” made famous initially by Herbert Gans’s book, The Urban Villagers, 1962. Although approximately 63 percent of the families displaced by urban renewal were African-American or Hispanic, this Boston community was mainly inhabited by working class Italians.
Absalom Son Of David Essay Research Paper
Absalom’s story unfolds in the household of King David. The key members of this household were Absalom, Amnon, and Tamar. Absalom and Amnon were David’s sons and Tamar was David’s daughter.
Crimson Tide Essay Research Paper When Russia
Crimson Tide Essay, Research Paper When Russia rebels gain control of nuclear weapons in the USSR, the United States retaliates by deploying the USS Alabama, a nuclear submarine. Which is commanded by Captain Frank Ramsey (Gene Hackman), a veteran solider and Naval Great. Ramsey selects Lt. Commander Ron Hunter (Denzel Washington), to be his right man on this mission; Hunter is a Harvard graduate and prefers to use his brains to weapons unlike his Commanding officer.
Economics Presentation Essay Research Paper DL Cooley
Economics Presentation Essay, Research Paper D.L. Cooley Stability in an Uncertain World Dear Mr. Richardson, Thank you for consulting with D.L. Cooley in regards to your retirement financial planning. Our number one goal at D.L. Cooley is to assure you that your investment will be a stable one that will entitle you to maintain the standard of living for yourself, and your family as you look towards retirement.
Appraising My Test Taking Skills Essay Research
Paper The advantages of my test taking skills are effectiveness,organization, and good review tools. Thus, the disadvantages are manageable review time and strategy planning. I find myself mostly “stuck” on planning a strategy.
Abortion Essay Research Paper There are many
Abortion Essay, Research Paper There are many women who have choices to make in life that can be difficult or easy. One very difficult decision is whether or not to terminate a pregnancy. Most people should think before they act. If a woman has to terminate a pregnancy, it is because she wasn’t planning to get pregnant or because she did not use birth control.
Rrsps Essay Research Paper First Main Topic
Rrsps Essay, Research Paper First Main Topic: What are RRSP’s In simple terms, an RRSP is a tax-deferral plan registered with Revenue Canada. With an RRSP, you can deposit a portion of earned income and claim the contribution as a tax deduction. Not only are the contributions made to an RRSP tax deductible (subject to limitations), but the income generated by the investments inside an RRSP is not taxed untill withdrawn from the plan.
Charles Schwab Essay Research Paper Mission To
Charles Schwab Essay, Research Paper Mission To provide customers with the most useful and ethical financial services in the world. Organization Founded in 1974 as one of the country’s first discount brokerages, The Charles Schwab Corporation through its subsidiaries today provides a broad array of financial services to individual investors, independent investment managers, retirement plans and institutions.
Dombey And Son Essay Research Paper In
Dombey And Son Essay, Research Paper In an excerpt from Dombey and Son by Charles Dickens, a man’s wife just gave birth to their newborn child and he’s already planning out the future of his son. Through a god-like view, the reader sees the arrogance of Dombey and feels pity towards his wife and son. Using rhetorical devices, Dickens tells of this man and his thoughts.
Fit Zone Essay Research Paper Fit Zone
Fit Zone Essay, Research Paper Fit Zone Chart Outline These Charts provide an outline for an 8-day program (workout every-other-day). This is an intense program and you will need to experiment with amount of weight to use in the beginning. We suggest planning out a 4 week program for your first cycle. This can be increased by one or two weeks for each new cycle.
401K Essay Research Paper 401K the retirement
401K Essay, Research Paper 401K, the retirement savings plan turned 20 this month. It has become the centerpiece retirement vehicle for millions of employees since it was kicked off on January 1, 1981.
Ancient Mathematics Essay Research Paper Ancient MathematicsMathematics
Ancient Mathematics Essay, Research Paper Ancient Mathematics Mathematics is an essential tool in today’s society. Everything we do, in one way or another revolves around some kind of math. Everything from planning out your weekly schedule to cooking dinner involves forms of math. Math is all around us but not many people know how math came to be.
DDay Essay Research Paper United States battles
D-Day Essay, Research Paper United States battles U.S. & Britain invade which they call D-Day On June 6, 1944 there was a big invasion on the northern coast of France. Normandy was the site of the invasion. The attack was scheduled to be a day earlier on June 5. Germany was occupied and not expected to be attacked from the north.The allied forces were fighting in Italy and the generals of those nations were planning an invasion.
Arrest Analysis Essay Research Paper Arrest
Arrest Analysis Essay, Research Paper Arrest: – An arrest is the act of depriving an individual of his liberty by legal authority. This is to inform you the two procedures of arrest. The procedures of arrest are warrant and non-warrant.
Functions Of Management Essay Research Paper Functions
Functions Of Management Essay, Research Paper Functions Of Management In today s business world managers follow certain rules that help them be better at their job and also contribute to the success of the business. The functions of management are established to help managers see the business operations with more clarity and understanding.
Mythology And Policy Essay Research Paper Mythology
Mythology And Policy Essay, Research Paper Mythology and policy has been a part of human culture for as long as there has been civilization . Day provides us with a history of the beginnings of social welfare. She speaks how social policy as well as social welfare has effected individuals, families, and the larger society of today.
Extended Metaphor FriendshipGarden Essay Research Paper Having
Extended Metaphor: Friendship/Garden Essay, Research Paper Having a relationship is a lot like growing a garden. With careful planning, you choose what you are going to grow and you select a location for the garden. The garden is started when you plant the seeds. Before you start a relationship, you choose who you are going to befriend, and the planting of this relationship is a simple “hello.” Planning and planting the seeds, however, are only the beginning — the plants don’t begin to grow immediately, and neither do relationships.
Successful Painting Arcrylics Essay Research Paper Successful
Successful Painting: Arcrylics Essay, Research Paper Successful Painting: Acrylics Ching Hao once said, “There are six essentials in painting. The first is called spirit; the second , rhythm; the third, thought; the fourth, scenery; the fifth, the brush; and the last is the ink.” This brings us to the three main steps to a successful acrylic painting: planning, preparing, and painting, to include all six of the essential elements.
Chance Or Planning Essay Research Paper Chance
Chance Or Planning Essay, Research Paper Chance or Planning Maureen C. Lett HSS 208-Dr. O’Hara April 17, 1996 Intelligence and planning are necessary factors in scientific research, however
Benefist Of Early Retirement Essay Research Paper
Benefits of Early Retirement Early retirement is not such a bad idea, but only if it?s affordable. Today, people who begin this process feel confident that they can live out the rest of their lives comfortably. Still being young enough to enjoy what is earned is another good reason why someone might want to advance into retirement.
Backup Disaster Essay Research Paper IS 40
Backup Disaster Essay, Research Paper IS 40 Assignment Planning for disaster With the increasing usage of computers in the education field, I as a student and many other of my classmates are compelled to develop a backup strategy for our assignments. A strategy which will wipe out my fear of loosing my document to a computer hard disk failure, accidental erased and many other possibilities that could occur.
Principles Of Management Essay Research Paper Management
Principles Of Management Essay, Research Paper Management is a set of activities directed at an organization’s resources with the aim of achieving organizational goals in an efficient and effective manner. The first function of management is planning and decision making. Planning is setting and organization’s goals and deciding how best to achieve them.