Question

In: Finance

250 Words What steps are you taking now to ensure you have an adequate amount saved...

250 Words

What steps are you taking now to ensure you have an adequate amount saved for retirement?

Solutions

Expert Solution

1)Start retirement planning as early in your 30s-invest 10% of income in mutual funds or high return assets like equity,you should do this for 25-30 years. As well as use the retirement plan of your company.

2)Upgrade skills at work-this will help in increase in income from which extra money can be saved and invested.The more you invest,the better it will be.Dedicate at least half of new money to retirement plan.

3)Save consistently- Pay yourself first and bank the money you save because at retirement you will find a big lot of money waiting for you. Try to increase the monthly savings.

4)Examine budget-Always prepare a budget and try to not spend unnecessarily.Priortize the needs and spend accordingly.

5)Health insurance-have adequate health cover and try to go with a plan with a lifetime renewal option as it will help a lot during post retirement days

6)Retirement account- There should be consistent increase of contribution in retirement account in every 6 months or at the end of every year.

7)Take help of financial advisor-It is helpful for those who aren't sure what their retirement planning move should be.


Related Solutions

What steps can you take now to ensure that you will have saved this amount by...
What steps can you take now to ensure that you will have saved this amount by the time you retire?
what are the necessary steps researchers are taking to avoid the bias and ensure that they...
what are the necessary steps researchers are taking to avoid the bias and ensure that they have a significant and accurate estimate of the true association between the exposure and the outcome?
What audit program-or audit steps can the auditor take to ensure that the proper amount of...
What audit program-or audit steps can the auditor take to ensure that the proper amount of revenue is recognized in the income statements? -Discuss
Please respond with at least 250 words It was estimated back in 2015 that Apple saved...
Please respond with at least 250 words It was estimated back in 2015 that Apple saved over $59 Billion dollars by simply keeping its money overseas. By studying what you have realize that Apple is not alone in doing what they have been doing, do you agreed with President Trump to lower the Corporate Tax to 15% so these companies with bring these dollars back to the U.S.? If so, will this money stimulate the economy or not? Please justify...
What are some of the mechanisms that should be in place to ensure adequate protection again...
What are some of the mechanisms that should be in place to ensure adequate protection again the threats of privacy and data integrity in EHRs?
in 250 words - What are some of the aspects that you have previously considered about...
in 250 words - What are some of the aspects that you have previously considered about death, dying, and bereavement? What, if anything, do you know now that you will need to address? Some people have experienced a great deal of loss, others very little; however, eventually we all will have to face the issue of mortality, whether it is ours or someone we know. What do you see as being the major considerations that you will have to address...
What are some steps you may take to ensure that you develop the competencies necessary to...
What are some steps you may take to ensure that you develop the competencies necessary to be competitive in the "age of data?" How may the internal audit functions utilize data to improve audit efficiency and effectiveness? How may the internal audit function assist organizations in leveraging data analytics?
What steps do the leaders of Holden take to ensure that their workgroups have high levels...
What steps do the leaders of Holden take to ensure that their workgroups have high levels of cohesion?
In 250 words, write a reflective essay that discusses what you have learned from both the...
In 250 words, write a reflective essay that discusses what you have learned from both the eLearning Video and Knowledge Article. The topic of eLearning video is inserting video in power point 2016 and topic of knowledge article is apply a slide layout.
Regulators have traditionally required banks to maintain capital-asset ratios of a certain level to ensure adequate...
Regulators have traditionally required banks to maintain capital-asset ratios of a certain level to ensure adequate net worth based on the size and composition of the bank’s assets on its balance sheet. Why might such capital adequacy requirements not be effective?
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT