16 Dec Determine the presumed retirement age and find the average life expectancy for someone the age of 23 and female
The purpose of this assignment is to create a personal retirement plan that addresses basic needs, a savings strategy, and income sources while anticipating issues that negatively impact planning for retirement.
In 150-250 words, create a summary of a retirement plan. Include the following:
1. Determine the presumed retirement age and find the average life expectancy for someone the age of 23 and female. Calculate the years you believe you will have as a retired person. Now reevaluate the assumptions, considering that you may live longer than the average. How many years might you have in retirement?
2. Develop a preliminary retirement savings strategy that outlines how much you need to contribute initially and annually to your chosen retirement accounts to reach your goals. What retirement savings or investing options will you need to consider to add?
3. Based on current assumptions, what sources of income will you anticipate having in retirement (e.g., Social Security, pensions, rental income)?
4. Discuss what expenses will likely be higher during your retirement than now. Include two barriers that often keep people from saving for retirement and how you plan to overcome these barriers in your own retirement planning.
THIS IS THE SECOND ASSIGNMENT (PLEASE USE NO AI)
Review “Estate Planning Checklist: A 7-Step Guide to Getting Your Affairs in Order,” located in the Topic 5 Resources.
https://www.nerdwallet.com/article/investing/estate-planning/estate-planning
Evaluate how far along you are in your own estate planning process. Rate your progress. In 150-250 words, address the following:
1. What gaps currently exist in your estate planning priorities that you need to address now?
2. What estate planning tools will you consider adding or updating next after establishing a family or career? If you are already established, what next major milestone in estate planning do you need to tackle?
3. Provide at least two tools you plan to employ and a reason that each can help to address your future plans.
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