1. How long will you live, when will you retire, what is your expected Social Security benefit and how much do you have to save?
According to the data given in the website, my life expectancy is about 81 years. I would like to retire at age 64. My expected Social Security benefit will be $2,895.00 per month and I have to save $3,926.00 per year.
2. How do you feel about how long you will live during retirement given your preferred retirement age and your anticipated life expectancy?
When I get to know about my life expectancy is 81 years, I feel surprised. I hope I could have longer life expectancy because I think 81 years cannot be considered as long life expectancy because we have improved nutrition and better medical equipment. The average life expectancy has highly increased in my generation. If I retire when I was 64, I can’t get full payment. However, if I can live longer, I will choose to retire later. That means I can get full payment at 67 or even increased payments if after 67.
3. What is your reaction to the amount you need to save for retirement to maintain a reasonable standard of living?
Saving $3,926.00 a year for retirement to maintain a reasonable standard living sounds not easy for me. I am not that kind of girls who know how to save or plan to save. Before taking this course, I …show more content…
Second, I will do some researches to know about how I can invest to get more money such as by increasing 401(k) to the highest match. Since 401(k) plan enable employees to defer receiving parts of the compensation until retirement. This can be a way to prevent financial risk since parts of my money will be protected in the account. Defined Benefit pension plans will also be good chooses since financial risk is on the employers and employees will gain higher benefits and money in the end. Furthermore, supporting Pension Protection Act can help employee’s pension get
According to the data given in the website, my life expectancy is about 81 years. I would like to retire at age 64. My expected Social Security benefit will be $2,895.00 per month and I have to save $3,926.00 per year.
2. How do you feel about how long you will live during retirement given your preferred retirement age and your anticipated life expectancy?
When I get to know about my life expectancy is 81 years, I feel surprised. I hope I could have longer life expectancy because I think 81 years cannot be considered as long life expectancy because we have improved nutrition and better medical equipment. The average life expectancy has highly increased in my generation. If I retire when I was 64, I can’t get full payment. However, if I can live longer, I will choose to retire later. That means I can get full payment at 67 or even increased payments if after 67.
3. What is your reaction to the amount you need to save for retirement to maintain a reasonable standard of living?
Saving $3,926.00 a year for retirement to maintain a reasonable standard living sounds not easy for me. I am not that kind of girls who know how to save or plan to save. Before taking this course, I …show more content…
Second, I will do some researches to know about how I can invest to get more money such as by increasing 401(k) to the highest match. Since 401(k) plan enable employees to defer receiving parts of the compensation until retirement. This can be a way to prevent financial risk since parts of my money will be protected in the account. Defined Benefit pension plans will also be good chooses since financial risk is on the employers and employees will gain higher benefits and money in the end. Furthermore, supporting Pension Protection Act can help employee’s pension get