Retirement Planning
High school might seem early to think about retirement savings, but in reality, the sooner you start saving, the better financial state you will be in for retirement and the better chance you will have of meeting your financial goals. Your future self will thank you for investing and saving earlier on rather than later.
Consider saving $500 in a Roth IRA for just four years beginning at age 15. Assuming a 7% growth rate, that investment will grow into about $50,000 at retirement. If you were to wait until age 25, the same amount invested would yield just $30,000.
If retirement is an unfamiliar concept to you, or if you’d like to know more about what topics surround retirement, explore the resources on this page to get started.
Resources:
- 23 Things Beginners Must Know about Saving for Retirement
It can be difficult to value starting to save money at a young age, especially when it seems like retirement is so far into the future. But it is important to consider that any money you save now buys you freedom to do what you want in the future. Check out some of the basics in this article. - Why Plan for Retirement? (by Investopedia)
When you permanently leave the workforce, it is important to understand what retirement means and how to plan to maximize your income during this period of life.
- Types of Retirement Plans
Learn about and compare the restrictions and benefits of the following six retirement plans: 401(k), IRA, Roth IRA, Roth 401(k), Simple IRA, SEP IRA. While the names of these plans sound technical, the plans are easier to understand than you anticipate. - Social Security Retirement Benefits
Social security is part of the retirement plan for most American workers. It provides some retirement income to qualified retirees and their families. Use this link to help you understand the resources and tools available to learn, apply, and manage retirement benefits. - Retirement Resource Center
A compilation of resources to meet the unique and dynamic needs of those who are preparing to retire, and those who already are retired. - Retirement Calculator
Use this retirement calculator to develop a retirement plan and/or consider what it means to save for a comfortable retirement. This tool will allow you to view a savings balance and calculate withdrawals per year when combined with Social Security benefits. - Want to retire early?
If so, check out these six essential strategies to help you reach your goals.