Retirement Planning Essay
When determining your retirement you must first assess your source of income, savings, expenses and managing of income. You have to take into consideration the location, the standard and when you will work your final day ("Retirement Planning Definition"). Retirement planning will vary throughout your life because each stage a different goal is trying to be achieved. In the early stages the ultimate goal is putting enough aside and it the later stage it is about the non-financial, lifestyle aspect ("Retirement Planning Definition"). There are a variety of retirement plans (and a brief description) that are offered:
• Traditional IRAs – may be tax deductible, earnings grow on a tax deferred basis, tax isn’t taking until the money …show more content…
Once you acquire enough asset you should start planning for your estate.
A will is an oral or written document to attest to how a person wants their property dispose of after death. The general requirements for a will.
• You must be 18 years of age or an emancipated minor.
• You must be of sound mind:
• You must expressly state that this document is your will.
• You must sign and date the will.
• You must have the will signed (attested) by at least two or three witnesses – the number of required witnesses depends on state law. In addition, many states require that the witnesses are not related to you and are not …show more content…
• You must appoint an executor who will be:
a) Responsible for supervising the distribution of property;
b) Responsible for paying all of your debts and taxes;
("Types of Wills: Introduction")
Although, there are a variety of wills Texas only recognizes two types:
• An attested Will is the most common type of Last Will and Testament. To be valid, it must be in writing, signed by you, or another person at your direction and in your presence, and attested in your presence by at least two credible witnesses over the age of 14
• A holographic Will is a Will that must be written completely in your own handwriting, and signed by you. There is no requirement that it be signed by any witnesses
("What Types of Wills Are Recognized In Texas? - Texas Wills and Trusts")
"401(k) And Qualified Plans: Introduction." Investopedia. N.p., n.d. Web. 11 May 2016.
"403(b) Plan: Introduction." Investopedia. N.p., n.d. Web. 12 May 2016.
"Advanced Funded Pension Plan Definition." Investopedia. N.p., n.d. Web. 12 May