Summary of Retirement
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Summary of Retirement
This has been a basic introduction to retirement planning. You are fortunate to be learning about this topic at your age; most people don’t start learning about it until they are much older and many years of potential saving and investing have been lost.
At first glance, all the things you need to consider about it might look terrifying and overwhelming. Luckily, you are young and have time on your side. By learning about budgeting, saving, investing, insurance, and financial planning—and then putting all of them into practice—you can safeguard your money as it grows over the course of many decades. The more money you have, the easier it will be (financially, at least) to handle the many challenges of retirement.
As well, you can gain a lot by working with a professional retirement planner or financial planner to create a plan that you can use for the rest of your life.
Things to do
- Talk to trusted family members, friends, or elders about their views on retirement. Ask them how they planned for their futures.
- Write down some ideas of what you would like to do during your retirement years.
- Create a budget that sets aside money every month for retirement.
- Ask your employer whether it offers a retirement plan. If so, sign up for it!
- Ask a financial planner or the staff at a bank or credit union about opening up an individual retirement account (IRA).
- Learn more about Social Security on its Website. Use the planner to help map your retirement.
- Study different types of investments to learn how they work and how they earn money.
What you have learned
- 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?
