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Introduction to Retirement

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Good retirement planning starts by knowing what you want your later years to look like, then crafting a plan to make it happen.

What you will learn

  • Why You Should Start Thinking about Retirement Now
  • Determining Your Retirement Goals and Resources
  • What Types of Retirement Plans Are Available?
  • How Social Security Works
  • What Risks Might You Face in Retirement?

What do you know?

Introduction to Retirement

How young is too young to start thinking about your retirement years? Most people choose to leave the full-time work force at some point in their life. While each of us can define what we want our lifestyle to be like at the point of retirement, it is important to understand the sources of income you will need to provide for your needs later in life.

When you visualize yourself in your retirement years, what do you see? How old will you be? Do you see yourself relaxing and spending time with your grandchildren, advising others, or continuing your cultural education in some fashion? Or do you see yourself still working? If you’re still working, are you content with it? It’s important to take the time to reflect on these questions in order to begin planning for those years.

An important consideration—and this is where financial planning comes in—is how you will pay for your retirement. Some people can fall back on family and community. Others must go it alone. And there are unforeseen risks that can eat up your money, resources, and valuables if you are not adequately protected. One of them is inflation. Another is your health. And then there’s longevity of life. Finally, there is how your investments and savings perform over time.

To ensure that you have access to the resources you will need later in life, it is important that you plan carefully and act now to provide for your future income.

Ask yourself, what does retirement mean to you? Then ask yourself, how will you pay for it?