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You are in your 60s, no longer able to work anymore because you are crippled so you are now staying at home everyday with your 50 cats. How will you survive if you can't work anymore? Where are you going to earn the money to feed yourself and your 50 cats? Thankfully, you invested in a retirement plan ahead of time, so no worries!
A retirement plan is provided for you to have an income or pension during retirement, when you are no longer earning a steady income.
Retirement usually applies to those 60 or above. Although, some may retire earlier than 60 due to personal circumstances.
There are many types of retirement plans for people to chose from, fitting different needs.
Prior to taking this class, I had little to no knowled...
Prior to taking this class, I had little to no knowledge about anything regarding retirement plans. Since it doesn't apply to me right now at my age, I never batted an eye to it. However, I am glad I did learn about it now because it will prepare me for a less stressful future.
This is one of the plans that is offered by the employer. This is free money. It gives you the chance to be able to take out some money and save it before taxes. With this, you can control how your money is invested. This plan offers matching funds, usually 3 percent. For example: if you put 3 percent of your $50k salary or $1,500, your company will give your another $1,500. You can add more but the company won't match beyond 3 percent.
This stands for individual retuirement account. These accounts can allow you to invest in retirement savings from several sources. There are two types: Traditional and Roth. The main difference between these two are the type of tax benefit each offers. With the Roth IRA you get no deduction for contributions, while the Traditional provide deductions for contributions.
“Suicide is my retirement plan,” Scott, a 60-year-old adjunct professor, said in an interview with Vitae. “Unless you have a spouse or partner, you’re looking at dire poverty in old age. In addition to poverty, you’re looking at getting no additional work because of your age, or you’re looking at dropping dead in the classroom.”
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https://www.huffingtonpost.com/gobankingrates/what-retirement-without-s_b_7655296.html
Retirement plans are underestimated today. There are people that don't think they need it but then end up in regret later. Take precautions and invest now if you want a relaxing life when you reach your retirement age. There are different plans that you can chose from. Be sure to commit to a plan that will fit and benefit you. It is never too late to start saving for your retirement plan. The earlier and longer you save, the more you will have later!