Retirement Planning For 20-Somethings: Goal Setting
The example provided above is an over-simplistic view of a retirement analysis. A realistic retirement analysis would take more factors into consideration so as to ensure that any projections are as realistic as reasonably possible. The following are some of the factors that are usually included in a comprehensive retirement analysis:
- Your current age
- Your planned age of retirement
- Your current and projected income
- Your current and projected expenses
- Your current income tax rate and future income tax rate
- The amount you can afford to add to your retirement nest egg now and for the rest of your income earning years
- An assumed rate of return
- Projected inflation
- The various sources from which you might receive retirement income and whether those amounts would be fixed or varying
- Your planned retirement lifestyle, including where you plan to live during retirement
- The types of saving accounts and the tax status of those accounts
- Your health history and that of your family, so as to determine your need for health insurance and the different types of health-related coverage that you may need
Retirement Planning For 20-Somethings: Saving Options
Also known as Social Security Death Index. A list of people whose ...
An estate planning concept that is applied to extend the financial ...
The transfer of funds from an Individual Retirement Account (IRA) ...
A document that specifies how the assets in an individual retirement ...
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An accounting procedure in which an asset is expensed for depreciation ...
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You can move the amount by means of a trustee-to-trustee transfer to another IRA, or roll over the amount to your 401(k). ...
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