Developing a Plan for Retirement?

1 Answer

Answer :

Many young and middle aged adults are making the smart decision to plan for their future, and this involves developing a plan for retirement in their later years. It is common for working adults to participate in their work-sponsored retirement account, making at least the minimum contribution necessary to take advantage of an employer matching program. Beyond this step, however, many are lost with regards to how to develop a feasible plan for retirement.How Much Do You Need?One of the most important first questions to answer is how much money do you need to retire. This is a question that often stymies many adults. Retirement is a period of your life that can span for decades, so you do need a significant nest egg built up to live off of for such a long period of time. Running out of money during this period of time is something that you simply do not want to contend with. The amount of money needed for retirement will vary based on your lifestyle, what your retirement plans entail and if you will still need to pay for expenses like housing and a car payment during that period of your life. You also should consider the amount of Social Security income that you are expecting to receive coupled with other sources of income, such as a guaranteed pension. The difference between the income you know you will have and the expenses that you will have is the amount of money you will need access to on a monthly basis during retirement.How to InvestFor most people, simply stashing away cash into a low interest savings account will not help them to grow their money in a manner that will support their desired lifestyle in their retirement years. It is necessary to invest in stocks, mutual funds, CDs, real estate and other types of investments to grow your money in a faster way. You should take time to research the options available, then start regularly saving money to purchase these investments. Over time, your nest egg should grow more quickly with these different types of investments.

Related questions

Description : Establishing financial security has been identified as a developmental task of which of the following groups? a) Middle adult The middle adult's tasks also include launching children, and ... . d) Teenager The teenager's primary developmental tasks include developing an identity and intimacy.

Last Answer : a) Middle adult The middle adult’s tasks also include launching children, and refocusing on one’s marital relationship.

Description : What is your retirement plan?

Last Answer : I hope to be healthy and wealthy enough to travel. When I was married, we had a camper and our plan was to go all over the country in the camper. I have since decided that is way too much work and would rather travel by car or plane and stay in nice hotels.

Description : How much is this employee contributing to his her retirement savings plan each pay period?

Last Answer : What is the answer ?

Description : Pension Plan Retirement Options?

Last Answer : Pension Plan Retirement OptionsChoosing between pension options can be a difficult task.Choosing an option that guarantees your spouse pension benefitsafter your death means extra security but also ... calculator to help decide which pension option works best foryour particular retirement needs.

Description : How To Plan For Your Retirement?

Last Answer : From annuities to Roth IRAs and from savings to ModifiedEndowment Contracts, retirement planning can be a littleoverwhelming. A person has to be aware of the many options thatthey have available ... insurance contracts which are designed to provideincome and assist you in achievement of long-term fi

Description : Retirement Calculators: What Information Do You Need to Plan Your Retirement?

Last Answer : Retirement?For many, planning a first retirement from their beloved job canbe a scary and intimidating thing. There are calculators on theinternet that help you plan for your future a little better ... that deal with interests, pensions and savings. You caneither calculate this yourself, or find a

Description : George Thriftless is 45 years old, earns $50,000 per year, and expects that his future earnings will keep pace with inflation, but will not exceed inflation. He has not yet saved anything toward his retirement. His company does not offer any pension plan.?

Last Answer : George Thriftless is 45 years old, earns $50,000 per year, and expects that his future earnings will keep pace with inflation, but will not exceed inflation. He has not yet saved anything toward ... expects to receive $12,000 per year in Social Security benefits, he cal­culates that he will have t

Description : Are there any circumstances where I can take an early withdrawal without penalty from a 401K retirement plan?

Last Answer : There are a number of restrictions and requirements regarding early withdrawals from a 401K. Additionally, the IRS regulations often change. Your best bet is to discuss your situation with your fund manager or consult with your tax professional.

Description : what are the advantages and disadvantages of a defined benefit retirement plan?

Last Answer : The advantages of a defined benefit retirement plan is that you will be clear from the outset what benefits you will have and be able to plan accordingly throughout your work years. An major ... the terms within the plan to adjust for new conditions that might arise throughout your work year.

Description : How is a defined benefit retirement plan different from an annuity plan?

Last Answer : A defined benefit plan is one that your employer pays for over the period of time you are employed with them. An annuity plan is a program that you invest in for your retirement. Both are payable ... of your retirement. Defined plan is a fixed amount. Annuity depends on the terms of your contract.

Description : Are mutual funds able to be held in a registered retirement savings plan?

Last Answer : A registered retirement account can invest in stocks, bonds and mutual funds.

Description : Can an individual contribute to an IRA and another retirement plan at the same time?

Last Answer : Yes, individuals can contribute to a traditional IRA whether or not they are covered by another retirement plan Small catch... they may not be able to deduct all of their contributions if they ... retirement plan. Note that contributions to a Roth IRA are not deductible and income limits apply.

Description : How does one contact a retirement plan administration?

Last Answer : www.gnapartners.com/ is where you can contact a retirement plan administration.

Description : How to Set Up a 401k Retirement Plan Without an Employer?

Last Answer : Not everyone works for a company that supplies its employees with 401k retirement plans. Many companies simply do not offer them. Other people may be independent contractors or small business owners. Whatever ... income than what was contributed into the plan during a certain part of the tax year.

Description : Never Touch Your 401k Retirement Plan?

Last Answer : When something big comes up, such as the need for a new car, you may be tempted to use the money in your 401k retirement plan to pay for it. This is possible, but it is not wise. ... gratification of a new purchase quickly, but you will not have enough money to retire comfortable in the long run.

Description : Retirement Plan?

Last Answer : form_title= Retirement Plan form_header= Create your retirement plan and start saving now. At what age, do you want to retire?*= _ [50] How much are you putting to your 401k each month?*= _ [50] Does your employer match your contributions?*= () Yes () No () Not Sure

Description : What is the best retirement savings plan to invest in?

Last Answer : The best retirement savings plan to invest in depends on your financial needs and what works for you. You should meet with a financial advisor and look at the different options available.

Description : Are you penalized for withdrawing money early from your retirement pension plan?

Last Answer : Typically there is a fee for withdrawing money early from your retirement pension plan. However, there are exceptions to this rule. It is best to check with your specific provider to discuss your circumstances and learn their terms and conditions.

Description : How does a 403b retirement plan differ from a 401(k) plan?

Last Answer : It is always good to have a retirement plan you need to first decide what you want,this site http://www.nationwide.com/403b-retirement-plans.jsp will tell you about a 403b plan which differs from a 401k plan which is usually offered by your company.

Description : What is a retirement plan calculator?

Last Answer : A retirement calcular takes your current age vs. the age you want to retire, the amount you may already have funded, the rate of interest you expect to draw vs. the amount you want to have at retirement and calculates your annual savings needed to reach that goal.

Description : What is the tax consequence of the 401k retirement plan?

Last Answer : A good tax consequence of a 401k retirement plan is that you can literally save money as the funds that are ususally tax-free. If you withdraw from your 401k plan, there is usually a large penalty.

Description : How can I find a job with a retirement pension plan?

Last Answer : A retirement pension plan would be listed under benefits for any job you are considering. If you are fortunate to get an interview, make sure to ask specific questions about the retirement pension plan they are offering.

Description : How does a 457 retirement plan work?

Last Answer : A 457 retirement works by deducting any contributions out of your paycheck before the taxes come out. They are a great way to save money that is tax-deferred. Only those who are employed by nonprofit ... schools are eligible for the type of retirement plan. For more info please visit www.irs.gov.

Description : Who can I talk to about my 401k retirement plan?

Last Answer : You can talk about your 401k retirement plan to people that know about retirement or companies that deal with retirement. Basically it is best to talk to people that deal with retirement.

Description : Pension Retirement Calculator Helps Plan Your Retirement Years?

Last Answer : Employers in prior decades used to offer a fixed pension plan to their workers. This gave the workers a sense of security. They knew that after working for a certain number of years, they ... retirement. Most tools also include a Social Security calculator that will off set the pension amount. When

Description : 1. In which five-year plan emphasis is given to developing the public sector?

Last Answer : Read the following passage and answer the questions given below: In the Second Five Year Plan ... 5. Explain the growth of VSNL after privatisation.

Description : Quality planning is the process of developing a quality plan for a) team b) project c) customers d) project manager

Last Answer : b) project

Description : Quality planning is the process of developing a quality plan for a) team b) project c) customers d) project manager

Last Answer : b) project

Description : What is the most critical aspect in developing a project plan that meets project  specifications within the timeframe and at the lowest costs? Select one: a. Assessing risk management b ... business partners e. Developing a project execution plan that matches the complexity level of the project

Last Answer : e. Developing a project execution plan that matches the complexity level of the project

Description : What is the first step in developing a risk management plan? Select one: a. Analyze the risks. b. Estimate the likelihood of the risks occurring. c. Identify potential project risks. d. Develop a risk mitigation plan. e. Estimate the potential impact of risk on the project goals.

Last Answer : c. Identify potential project risks.

Description : Quality planning is the process of developing a quality plan for (A) team (B) project (C) customers (D)project manager

Last Answer : (D)project manager

Description : The final stage in the development of an advertising campaign is 1. creating the advertising platform 2. developing the media plan 3. creating the advertising message 4. evaluating the effectiveness of advertising 5. none of these

Last Answer : evaluating the effectiveness of advertising

Description : Which of the following statements is incorrect? A. You should leverage the 5W (+1H) technique to plan and design a dashboard. B. Google Data Studio, Kilpfolio, and Tableau are some tools ... your dashboards. D. Designing an effective dashboard (or report) is similar to developing a website.

Last Answer : C. You should provide usability-related (heuristics) recommendations without actual data in your dashboards

Description : One step that is not included in planning a research study is: a. Identifying a researchable problem b. A review of current research c. Statement of the research question d. Conducting a meta-analysis of the research e. Developing a research plan

Last Answer : d. Conducting a meta-analysis of the research

Description : Which of the following is not one of the major steps involved in the marketing research process? A. Defining the problem and research objectives B. Developing the research plan C. ... and tabulating data D. Establishing a marketing information system E. Interpreting and reporting the findings.

Last Answer : D. Establishing a marketing information system

Description : BT is involved in a process of assessing marketing opportunities and resources, determining marketing objectives, and developing a plan for implementation and control, then BT is involved in A)strategic analysis. B)marketing planning. C)marketing management. D)marketing. E)market organisation

Last Answer : B)marketing planning.

Description : When developing an advertising campaign, benchmarks should be included in the A)campaign platform. B)evaluation of the advertising effectiveness. C)statement of advertising objectives. D)media plan. E)budget.

Last Answer : C)statement of advertising objectives.

Description : The final stage in the development of an advertising campaign is A)creating the advertising platform. B)developing the media plan. C)creating the advertising message. D)evaluating the effectiveness of advertising.

Last Answer : D)evaluating the effectiveness of advertising.