You need to plan for your retirement. There are a couple different ways you can prepare finacially for your retirement; and IRA and a 401(K). An IRA is an Individual Retirement Account, which is a personal savings plan that provides income tax advantages to individuals saving money for retirement purposes. Another way to save for retirement is through a 401(K), which is a qualified plan established by employers to which eligible employees may make salary contributions to the plan on a post tax/pre tax basis.
Social Security is a mandated supplemental retirement system. Its goal is to ensure a threshold subsistence level below which any worker who had paid into the program cannot fall. Social Security has become a big issue now because many people complaign that system is falling apart, and after paying into the system their entire working lives, there will not be any money left for them when they are retired.
Retirement relates to personal savings because you need to know how much to put into your retirement savings out of each check you recieve. It is important to start looking at retiremnet funds now so you won't have to put away as much each month later on, and you have a longer time period to save all the money to need in order to retire at an earlier age. - Read this article to learn more on your 401(K).: http://www.investopedia.com/articles/retirement/11/401k-investing-for-retirement.asp
- Watch this video to get more advce on retirement: http://www.youtube.com/watch?v=1JaYyGqQQ6s
No comments:
Post a Comment