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Retirement planning is important as it allows one to identify financial goals and assess their current situation to determine savings needed to achieve retirement goals. It is best to start as early as possible, ideally in one's 20s, to allow time for savings to grow. Planning should involve setting short, medium, and long-term goals and taking stock of one's current financial position to calculate savings needed. Individual retirement accounts (IRAs) allow tax-deferred savings to help meet retirement income needs.

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Gian Paula Monghit
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34 views

Final Output

Retirement planning is important as it allows one to identify financial goals and assess their current situation to determine savings needed to achieve retirement goals. It is best to start as early as possible, ideally in one's 20s, to allow time for savings to grow. Planning should involve setting short, medium, and long-term goals and taking stock of one's current financial position to calculate savings needed. Individual retirement accounts (IRAs) allow tax-deferred savings to help meet retirement income needs.

Uploaded by

Gian Paula Monghit
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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EXPLORE

1.How do you consider retirement planning?


ANSWER: There are certain factors to consider before planning retirement,
and it is advisable to keep these aspects in mind before making any
investment decision.
Here are my few factors to consider before retirement planning:
*To keep a retirement budget
*To identify my risk appetite
*To figure out how many years I have in hand before I retire
*My income sources post retirement
*It’s never too late to start retirement planning
*Stay off debt
*To invest within my limits.
Although saving maximum to enjoy retirement is indeed a must, that
doesn’t mean I invest all the money that I currently possess. Remember
that no type of investment is considered to be safe.

2. Is depositing money in the bank enough as your emergency fund


when you get old?
ANSWER: Typically, it is recommended that I want to save somewhere
between three to six months of expenses in my emergency fund. Some
experts recommend as little as a few hundred million to get my started
with a beginner emergency fund, and some suggest as much as a year or
more of my income.
3. When do you think is the right time to prepare for your retirement
security?
ANSWER: As soon as I can. Ideally, I’ve start saving in my 20s, when my
first leave school and begin earning paychecks. That’s because the
sooner I begin saving, the more time my money has to grow.

4.What kind of future do you see for yourself?


ANSWER: I see myself as becoming more skilled, more efficient and
professional. Better person and at higher position in the company that
would never lose me at any cost. I want to devote the next few years
learning new skills’ taking up challenging jobs and putting my hard
work to grow and hopefully see myself advancing to the next level.
5.What kind of retirement plan would you like to have?
ANSWER: I want to travel around the world and I want to build up a
business.
EXPLAIN:
The investment should I select in my jobs in retirement planning makes
me prepared for a life after paid work ends. Firstly, I need to set my
retirement goals. Arrange these financial goals into short, medium, and
long-term. Most of these retirement goals will require financial
resources. Second, assess my current financial positon. At age of 30-35.
My financial situation will be very different, say, somebody in late 20s
or the early 40s. To achieve my retirement goals, I need to take stock of
my current situation. Don’t worry if I have not able to save much so far.
The good thing is that I want to save. The last is to calculate the amount
of the money that I need for my retirement goals and account for the
help I will get from current wealth.
EVALUATE:
1.Discuss the importance of retirement planning.
ANSWER: There are two components to retirement income planning;
Personal Planning @Financial Planning. In personal planning is
important because it is determining factor of my satisfaction with my
retirement lifestyle. And financial planning is crucial because it
identifies my sources of income and expenses and establishes my
retirement budget, based on my personal plan.

2. Cite some of your plans that you consider doable in preparing for your
future.
ANSWER: I am very open to whatever opportunities the future may hold,
especially within this company. I pride myself in being flexible and
adaptable. I think the best way of planning the future is to make the most
of the present. I applied for this job because it is a perfect fit with my
interest skill set.

3. Explain the significance of IRA?


ANSWER: An individual retirement account (IRA) is a government
sponsored personal tax-deferred personal retirement plan. An IRA can
also be referred to as a traditional IRA. In order to open an IRA, an
individual must first establish an account with a bank, brokerage firm or
mutual fund company. These firms then act in the capacity of a
fiduciary. The individual is responsible for establishing the IRA and
selecting the plan investments. Taxes on traditional IRA contributions
and earnings are deferred until the account owner takes a distribution
from IRA. When money is withdrawn from a Traditional IRA it is taxed
as regular income.

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