Paying for retirement

Try to save at least 15% of your paycheck for retirement.
If you're able to save more, open a Roth IRA. You'll pay taxes on your contributions now, but your earnings will accumulate tax-free.
Even if you haven't saved anything for your retirement, there's still time to build a respectable nest egg.

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Retirement Planning: Why Plan For Retirement?

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investopedia.com

Before we begin discussing how to plan a successful retirement, it's important to understand why people need to take retirement into their own hands in the first place. This may seem like a trivial question, but you might be surprised to learn that the key components of retirement planning run contrary to popular belief about the best way to save for the future.

Key Ideas

Uncertainty of Social Security and Pension Benefits

The aging population is causing fewer contributors.
More people are retiring due to increased longevity.
Corporate col...

Unforeseen Medical Expenses

Old age typically brings medical problems and increased healthcare expenses.

Living out your retirement years in comfort while also covering your medical expenses may turn out to be a burden too large to bear.

Estate Planning

Without a well-planned retirement nest egg, you may be forced to liquidate your assets in order to cover your expenses during your retirement years.

one more idea

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Retirement Planning and importance of Retirement Plans

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wisdomtimes.com

It's Never too Early!! Many people particularly those in the early stages of their career think that retirement is too far. True, they have decades of work, before they retire, but it is still important to start planning for retirement.

Key Ideas

Early Mistakes, Late Start & Future Hurdles.

Savings and investments should be part of a monthly budget even when young or just starting a career.

You cannot save enough if you are waiting until your late 30's before...

Myth vs. Reality in Retirement Planning

I’m not that old: It’s not about NOW but saving for your old days when you can no longer work full time.
I’ll wait for a lump sum is just an excuse to postpone planning or procrastinate.
Assumed Family/External Support: It’s better to be prepared for eventualities and have contingency funds in hand.
Financial Requirements Decrease: Medical costs increase with age. Inflation and other factors might also come into play.
I will not live that long or I won’t retire: People tend to live longer, but they will suffer from medical ailments.

Retirement Goals

To have a secure and financially independent retired life during your golden years with regular post retirement income, a corpus of savings/investments and a safe shelter or home.

one more idea

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Why One of the Biggest Perks of Retirement Planning Has Nothing to Do With Retirement

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inc.com

When the blogger and personal finance expert known as J. Money started saving for the future, retirement was the furthest thing from his mind. He was in his late 20s, working for a tech startup, and thinking about buying a house and getting married.

Key Idea

Smart retirement planning boils down to a few simple truths.

Time is on your side. The earlier you start saving money, the more time you give compounding to work for you.
Take risks when you're young. Althoug...