Retirement Project

Decent Essays
Retirement Project
Retirement is such a hard thing to plan because no one knows how much money will change in the upcoming years. I am planning on retiring at age sixty-seven so as of right now I have forty-seven years to start saving money and planning for my retirement. On average I spend close to two-hundred dollars a week. Two-hundred dollars multiplied by fifty-two weeks in a year multiplied by the twenty-two years that I will be retired based on my life expectancy means that I will need $228,800+ to live securely until I am eighty-nine years old.
In order to have that much saved up by the time I turn sixty-seven I will be investing in the stock market. Right now I own nine shares of Disney stock. At its last close as of November 12,

Related Documents

  • Improved Essays

    Importance Of Dapps Goals

    • 837 Words
    • 4 Pages

    I will increase savings by using a better budgeting system such as putting back at least forty dollars every week. Therefore, I will be able to increase our current savings by sixty dollars each month. If I do this for the next ten years, my savings has the potential to be over nineteen thousand dollars. This has the potential to decrease stress by eliminating the rush to get together money for a large down payment on a house; therefore, decreasing the size of the home loan I will need. To conclude, by accomplishing my sub-goal of decreasing spending and increasing savings I can save enough money to be able complete my goal of buying a…

    • 837 Words
    • 4 Pages
    Improved Essays
  • Decent Essays

    Baby Boomer Case Study

    • 180 Words
    • 1 Pages

    2.3.1 Baby Boomers’ Resources (Mobile TRAVEL Application) ‘Baby Boomers’ are forty plus year olds that were born post World War II and as they age their attention to health rise; they are also the more affluent demographic as they delayed having children and getting married; they have a tendency to buy quality (Wang and Hunter, 2011). Hunter and Worsley (2009) concluded that the retiring baby boomers even with a reduced income would not sacrifice spending on general well-being and would instead make cuts elsewhere. Baby boomers behold a reduced importance on convenience and therefore will spend more time on purchasing decisions (Worsley, Wang and Hunter, 2011). Mogilner (2009, p.220) backs up that ‘consumer’s expenditure of time carries a…

    • 180 Words
    • 1 Pages
    Decent Essays
  • Improved Essays

    Social Security has long been a subject of reform, with many finding the pay-as-you-go, or PAYGO, system inefficient, becoming more problematic by the Baby Boomers reaching retirement age, putting more strain on the system. On option for reform is the Cato Institute, which plans to split split the Social Security payments in half. Just like many reform propositions, has detractors, this, for example, this is a frightening proposition for those already receiving benefits, since there would be less taxes entering. The Cato Institute’s ”6.2 Percent Solution” is one of many policy recommendations to help reform Social Security, but one which is especially frightening to the elderly.…

    • 479 Words
    • 2 Pages
    Improved Essays
  • Improved Essays

    The advertisements (commercials) I chose are from AARP (American Association of Retire People) and are presented on YOUTUBE on the World Wide Web. This advertisement is intriguing in that it is unusual and it does not endorse a specific product, other than itself, but rather the need for action by showing the lack of action, and does it well. This commercial is a very directed at a specific target audience of senior voters that currently do or soon will collect social security payments as well as the general population concerned with social security.…

    • 329 Words
    • 2 Pages
    Improved Essays
  • Decent Essays

    401k Benefits

    • 458 Words
    • 2 Pages

    Just maybe if I would have had fuller understanding of what the benefits of a 401K were in my mid 30s I would possibly have money saved up. It also would have been nice to have a full time job to help with saving for the future too. When I first heard anything about getting a 401K account with this credit union close to my job at City Hall, I was just getting myself back on to my feet with being clean and sober for a couple of years and I was 38 years old. My job with the city at that time was just part time with no benefits and I was working something of a job at the VA Hospital at the same time.…

    • 458 Words
    • 2 Pages
    Decent Essays
  • Decent Essays

    There is not a lot of give in this budget, it contains very basic living amounts, but considering it would only leave a senior $38.45 for groceries, toiletries, medicine, home maintenance and savings, it would be necessary to remove or downgrade some of these items. The biggest saving could be found by relocating where the senior lives. Moving to a smaller home or getting a roommate could reduce the cost of housing. A vehicle is handy, but with some local senior support services it might be possible for a senior to give up their vehicle therefore saving on both the cost of gas as well as car insurance. As there are two phone payments on this budget, it would make sense to eliminate one and save money this way.…

    • 177 Words
    • 1 Pages
    Decent Essays
  • Improved Essays

    Senior Services Our caregivers are dedicated to supporting and empowering those in their care in establishing and enjoying the highest quality of life possible for them. They can be depended upon to give that care in a respectful and compassionate way. One of our first steps will be to begin and keep up exemplary communication practices with you and your loved one. Our non-medical, in-home care includes household duties and assistance with personal care. Some of the household responsibilities that we provide include preparing meals, laundry and housekeeping.…

    • 577 Words
    • 3 Pages
    Improved Essays
  • Improved Essays

    Due to the circumstances with John and Jenny planning for retirement, and their daughter’s health, I believe it would be best that John and Jenny remain in their home. Purchasing a new home with their daughter doesn’t make sense financially especially with their home almost being free and clear. Their primary home offers many different benefits that shouldn’t be overlooked. First, homes are an inflationary asset and with inflation a worry for John and Jenny it’s better to own inflating assets.…

    • 265 Words
    • 2 Pages
    Improved Essays
  • Improved Essays

    The Baby Boom is a demographic phenomenon that occurred after the Second World War from 1946 to 1965. In fact, about eight million Canadian people were born in this period, causing economic, social, cultural, and political changes in each stage of their growing process. (Statistics Canada, 2013) Currently, Baby Boomers have started to approach the last stages of their lifespan, reaching formal retirement from work and therefore an increase in leisure time. (Cavanagh and Wendy, 2012)…

    • 1833 Words
    • 8 Pages
    Improved Essays
  • Improved Essays

    Elderly Policy Reform

    • 1103 Words
    • 5 Pages

    The problem: What policy reforms are need to provide mental health care services to the nation’s rapidly increasing elderly population? Background: The U.S. population is aging at a rapid pace, by 2030, over 71 million Americans, over 20% of the population, will be 65 and older. The current system does not provide adequate mental health care services for older adults, and is ill prepared to meet the projected increase in demand (Jeste 1999). As the nation’s population ages during the next two decades, millions of baby boomers will be unable find services for most common mental health problems associated the elderly including depression and dementia.…

    • 1103 Words
    • 5 Pages
    Improved Essays
  • Improved Essays

    Senior Care

    • 521 Words
    • 3 Pages

    How to Prevent Slips and Falls at Home Falls and slips are the most common fears of seniors at home. Because of the fact that they can no longer fully trust their body especially when going through a chronic condition, the pain that it can cause might traumatize them. Plus, recovering from a fall might take longer given the weakened capabilities of their bodies to produce healing cells and it can be very costly as well. This is why Covenant Premium Senior Care sees senior care in Richmond, Texas for your elderly loved ones at home is very important.…

    • 521 Words
    • 3 Pages
    Improved Essays
  • Decent Essays

    My Retierment Plan

    • 347 Words
    • 2 Pages

    By my retirment the plan that i will be establishing for myself is going to be a combination of various saving methods. Such as my own personal savings bank account. Than the other saving methods will be social security and the 401(k), which my job will provide for me. All of the various saving techniques will allow me to have more access to money for a comfortable retierment. My reitirement will be very promising if i decide to use all of these plans.…

    • 347 Words
    • 2 Pages
    Decent Essays
  • Improved Essays

    Retirement Case Study

    • 834 Words
    • 4 Pages

    Similarities As far as similarities go both my respondents said they didn’t want to retire. Both felt they were still capable of working despite their age. Other circumstances greatly influenced their decision. They also said that they didn’t plan for retirement but I think both did, to some extent, but they have varying degrees of preparation.…

    • 834 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    Spend your time to decide your goal, your future need after retirement, the corpus that you actually need to fulfill every prerequisite without financial hassle, and other significant factors that you think essential to be taken care post-retirements. You can make a cash flow and goal chart to understand your income, expected growth over the period, investment planning that you may opt or afford, your liabilities and way to save more. Without having a proper planning to manage income and assets, creating big corpus is almost impossible. The biggest and unhidden mantra to increase your saving is to lose your burden of debt.…

    • 1064 Words
    • 5 Pages
    Improved Essays
  • Improved Essays

    Social security, at best, can be a small part of your additional income and in no way should you depend on it entirely for your daily expenses. If at any time, social security plans are withdrawn, you will be left with no source of income and that can become a major hurdle in your financial independence. Education and other expenses: The cost of both private and public education is increasing every single year. Not just that, many daily needs are also becoming more expensive. So in order to live a comfortable life, it is of utmost necessity that you save money at every stage possible.…

    • 791 Words
    • 4 Pages
    Improved Essays