Essay On Retirement Planning
Retirement planning is one of the most important aspects of financial planning. The primary goal of retirement planning is to achieve financial freedom in your retirement years while on the other hand; it is also a goal to maintain your current lifestyle even during your retirement years. Retirement planning is a very structured process, and the very first step to achieve your goal is to have a proper framework of the plan so as to ensure a worrisome retirement life ahead.
Ramesh, a senior manager at a textile store in Chennai, started worrying about his retirement when he turned 45 years. Currently, he is withdrawing a salary of Rs. 38,000/- per month post the deduction of tax. With the salary that he withdraws, he has his monthly expenditures
…show more content…
Does Ramesh wants a quiet life in a less costly part of the country or does he plan to maintain an expensive home and travel the world? Will Ramesh completely stop working or continue on part-time? There are a lot of factors to be considered—and a few unknowns—so you may not have exact answers now. But it 's well worth your effort to think about these things in advance so that Ramesh and even you can come up with a realistic retirement savings goal.
Let’s look at some of the factors to be considered while planning for a successful retirement.
A start to estimate your yearly retirement expenses
You probably think that you will end up spending less amount during retirement. Once again it depends on you on how you plan for a safe and happy retirement life. Many people tend to believe that the expenses incurred by them are higher during their early years and gradually lower downs when they turn old.
Retirement is often seen as an incentive for a lifetime of hard-work. It is hard to believe that even post retirement you must look after your own requirements and not depend on anyone in the family. Therefore, to make the goal of early retirement you must not only plan for it but must be followed too.
From my perspective, I think it 's wise to assume that you 'll spend about the same in retirement as you 're spending now. You may end up spending less, but it 's a safe starting point for the sake of
Pension Plans: GASB Vs. FASB
740 Words | 3 PagesPension Plans By Tay’veun Glenn Introduction Pensions are known as a retirement account that most employers maintain to give employees who have stayed with the company a payout upon retirement. Most employers give recipients of pension accounts a choice between a lump-sum payment or monthly annuity payments that are based upon the amount of time that the employee worked and their final salary prior to leaving the company. There are different types of pension plans and the use of each one is dependent on the employer. The Governmental Accounting Standards Board and Financial Accounting Standards Board both have to report pensions and have designated different ways to account for it.
The Pros And Cons Of Central States Pension Cuts
840 Words | 4 PagesMore than 40 years ago a pension was the best form of assurance for a financially happy life after retiring. In 2016, the Central States Pension Fund forecasted that it will run out of money in the near future. To potentially stop the fund from running out of money, it has proposed cuts to current and future pension payments. These cuts will affect not only thousands of workers, but could affect millions. As the director of the Central States Pension Fund it would be best to push for cuts on pension payments.
NFL Players Should Be Paid: A Case Study
1144 Words | 5 PagesSome early years after retiring are wasted due to the fact that a plan was not created of how they would support themselves or what their new upcoming career afterwards
Medicare Part D Essay
685 Words | 3 PagesUnderstanding Medicare Part D (Prescription Drug Coverage) the benefits of Medicare, a significant healthcare program, that provides comprehensive benefits to retirees in order to fulfill their healthcare needs cannot be overemphasized enough. There are several parts to the program based on specific healthcare needs including Part A, B, C, and D. While every plan has specific advantages, it is important to understand the plan D in detail before deciding to opt for the Medicare prescription drug coverage. In this article, we are going to discuss the specifics and benefits of Medicare Part D in more detail. Specifics and benefits of Medicare Part D
Essay On Long Term Care Cost
640 Words | 3 PagesEffects of Rising Costs in Long-Term Care Facilities Rising costs in long-term care have a negative effect on the quality, efficiency, and effectiveness of health care received by residents and patients. Due to this, long-term care is a major weakness in the United States health care system. High Costs in Long-Term Care is a Weakness in the American Health Care System
Analysis Of Is The American Dream Over By Cal Thomas
641 Words | 3 PagesEven in today’s times, the American dream of having a peaceful retirement still lives on. In fact, Brandon King, the author of “The American Dream: Dead, Alive, or on Hold?”, talks about a survey that declares that many Americans voted for “being able to retire without struggling”. People want to secure their future or prepare for the future because of the hard times that Americans had to go through like the Great Recession and the Great Depression. Huge part of the American Dream comes from securing a
Medicare Solvency: Financial Analysis
1128 Words | 5 PagesMedicare is facing challenges that need to be addressed for the future well-being of the Trust Funds, specially HI funds. There are several factors that can modify Medicare expenditures and therefore affect the projections. For example, the increase in the life expectancy, the aging of the population because of the Baby Boomers retire, a variation of unemployment rates, birth rates, death rates, labor force participation rates, wage increases, among other economic factors. What is going to happen after 2029? How are we going to pay health care services after retirement?
Pros And Cons Of Rising Cost Of Health Care
644 Words | 3 PagesAs the baby boomer generation reaches retirement, which the numbers will double by 2030. they are wondering if there will be health care as they grow into their golden years. They are looking towards the government for the answer. With the cost of healthcare continuing to rise, the government which its divided Congress needs to come together to get healthcare on solid ground and make sure there is enough for everyone for years to come. Currently, the government cannot afford to pay for our insure access to healthcare without limitations.
Summary Of Financial Peace Revisited
648 Words | 3 PagesIt is also important to keep this money separate from income, therefore a separate account is a great idea.
Persuasive Speech: Life Protection Insurance And Saving Plans
1659 Words | 7 PagesA. Our newly implemented life insurance protection and savings plan is specially catered to meet all your needs in life. B. All you need to do is to start planning out your future with our financial advisors. Motivated Sequence Approach: Attention: How many of you
The American Dream Essay
1197 Words | 5 PagesEveryone has a dream. Although these dreams aren’t the ones you have while sleeping, they are the ones that drive you, challenge you and keep you fighting for the reality that they will become true. They are the dreams that you will work hard for. Martin Luther King Jr. even died while fighting for his dream to become a reality. They are the ones you hope will one day become a reality.
Late Adulthood Research Paper
1667 Words | 7 PagesLiving arrangements are very important in this development. Retirement, a main change that occurs during this period, is a step that involves living arrangement, change in life style, and possible change in social interaction. Teas and Benignton discuss this retirement stage when living arrangement change and many elders should cope with such change. The idea of retirement has been a recently new accepted life style during late adulthood due to the life expectancy increase and the rise of urban America (1982, pg. 21). Living arrangements do not necessary depict one’s well-being.
Saving Money Essay: How To Save Your Money
1029 Words | 5 PagesThe first step to take before jumping into the process of saving your money is setting your saving goal. If you have something
Persuasive Essay On Saving Money Memberships
596 Words | 3 PagesThere 's no need to limit your savings! As I mentioned before, it would be nice to save on a wide variety of things and you certainly can! So, if you are looking to save an extraordinary amount of money each and every year your best bet is to look into a saving money membership! However, don 't get one without looking into it first and getting some information!
More about Essay On Retirement Planning
Pension Plans: GASB Vs. FASB
740 Words | 3 PagesThe Pros And Cons Of Central States Pension Cuts
840 Words | 4 PagesNFL Players Should Be Paid: A Case Study
1144 Words | 5 PagesMedicare Part D Essay
685 Words | 3 PagesEssay On Long Term Care Cost
640 Words | 3 PagesUnions In The Early 1900s
1034 Words | 5 PagesAnalysis Of Is The American Dream Over By Cal Thomas
641 Words | 3 PagesMedicare Solvency: Financial Analysis
1128 Words | 5 PagesPros And Cons Of Rising Cost Of Health Care
644 Words | 3 PagesSummary Of Financial Peace Revisited
648 Words | 3 PagesPersuasive Speech: Life Protection Insurance And Saving Plans
1659 Words | 7 PagesThe American Dream Essay
1197 Words | 5 PagesLate Adulthood Research Paper
1667 Words | 7 PagesSaving Money Essay: How To Save Your Money
1029 Words | 5 PagesPersuasive Essay On Saving Money Memberships
596 Words | 3 Pages