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401K Plans

Personal Retirement Savings & Role of Interest

  • A 401k is an account that you put a certain amount of money in each paycheck and do not withdrawal from until retirement.
  • Many companies over 401k plans and it is an important thing to consider when looking for a job.
  • Many companies will also match the amount of money that you put into the 401k, meaning more money for you in the end.
  • If you start putting in $4,000+ into a retirement savings account in your early 20's, you will have over $1 million by your early 60's, allowing you to retire earlier or live more comfortably in retirement.
  • If you start saving for retirement in your 30's, you will have to put in double the amount to retire with the same amount as starting in your 20's.
  • Interest will add up slowing on the money that you put into a savings account so it is better to start your personal savings account as soon as you can after college.

Retirement

Planning for Retirement in your 20's

Investment in Stock Market & Personal Investment

  • Investing in the stock market at a young age will help to assure that you live comfortably in your retirement
  • Investing and saving regularly boosts your savings
  • In the stock market, you have to get used to riding the "ups" and "downs" of the stocks.
  • A downturn in the stocks can help boost saving because the same amount of money can buy more stock.
  • Live cheaply (no unnecessary spending)
  • Get health insurance
  • Maximize 401k
  • Embrace risks like putting 80-100% of a paycheck in a retirement account

How Saving Early Will Benefit in the Long Run

$1.2 million

by age 62

$4,000/ yr

from age 22

(with 8% annual return)

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