Answer to Question #314944 in Finance for Kelsey Jand

Question

Retirement Planning

Develop your own ideas and expectations for your retirement. At what age do you want to retire? How many years do you have to prepare before you reach that age? Will you want to stop working at retirement? Will you want to have a retirement business or start a new career? Where and how would you like to live? How do you think you would like to spend your time in retirement? How much have you saved toward retirement so far?

Adequate Finances

After analyzing your expected retirement try to strategize how you will earn the adequate finances to cover your expected retirement lifestyle. How will 401k plans and Roth IRA's help you prepare for your retirement?

Context Link: https://saylordotorg.github.io/text_personal-finance/s15-personal-risk-management-retir.html

Extra Directions: Answer these prompts with the mindset of a sixteen year old female in high school as a sophomore.

Answer 1

I would like to retire at the age of sixty years having had a successful career as a civil engineer. The minimum years for my retirement savings and investment should be at least thirty five years from when I would fully concentrate on my own companies and quit employment. At this age I would love to relocate to live in Miami to spend time together for my family and close friends. Currently I have saved two thousand dollars.

The planning for a retirement should be determined by the time horizon, expenses and the savings after tax return. It's advisable to take advantage of the power of compounding when young and take as much risk as you can in investing. The retirement plans evolve through the years which should encourage young people to invest as much as they can.