Term Paper: Retirement Through Careful Planning and Foresight

Pages: 2 (627 words)  ·  Bibliography Sources: 0  ·  Level: College Senior  ·  Topic: Economics  ·  Buy This Paper

¶ … Retirement

Through careful planning and foresight, individuals can plan for retirement no matter what their annual income. Although young people rarely have the impetus or motivation to start saving, the earlier a person sets aside portions of their earnings, the greater chance they have to enjoy a trouble-free retirement. Employees of firms that offer matched 401(k) contributions enjoy an added bonus and would do well to take advantage of their opportunity to save money for retirement. The 401(k) offers employees additional benefits, including the ability to deduct contributions from their annual income tax obligations. In addition to the 401(k) the Individual Retirement Arrangement (IRA) accounts offered through most financial institutions allow individuals to save money in tax-sheltered accounts. General savings options including market investments in stocks and bonds also enable people to plan for long-term financial security. In addition to long-term financial planning, individuals can take proactive measures to improve their potential for financial security including living more simply or preparing to work intermittently or part-time in their senior years. Retirement planning need not be stressful, and a few simple steps can ensure that the elder years will be as trouble-free and enjoyable as possible.

Saving early is one of the most important ways to plan for retirement. The earlier an individual starts saving, the more money he or she will have in the long run because of the overall rates of inflation and their impact on interest rates. Some individuals can afford capital investments in real estate or in business investment. Others may only be able to set aside a small portion of their weekly paycheck. No matter how meager the contributions seem, they will grow and earn interest over time. Consulting a financial advisor or learning more about investment and savings can greatly enhance a person's capacity for financial growth.

Financial institutions offer individuals products and services to enhance… [END OF PREVIEW]

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