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The goal of retirement planning is to achieve financial independence . The process of retirement planning aims to: [1] Assess readiness-to-retire given a desired retirement age and lifestyle, i.e., whether one has enough money to retire. Identify actions to improve readiness-to-retire. Acquire financial planning knowledge.
Types of retirement plans. Retirement plans are classified as either defined benefit plans or defined contribution plans, depending on how benefits are determined.. In a defined benefit (or pension) plan, benefits are calculated using a fixed formula that typically factors in final pay and service with an employer, and payments are made from a trust fund specifically dedicated to the plan.
Although you can quit work at any time and call it "retirement," having enough money to fund your post-work life requires careful planning. Related: 20 Best Places To Live on Only a Social Security...
Pre-retirement is the first stage of retirement planning, and it starts during the early phases of your career. “The mantra here is to make saving a sound, financial habit. ‘Save early; save ...
Personal finance. Defined benefit (DB) pension plan is a type of pension plan in which an employer/sponsor promises a specified pension payment, lump-sum, or combination thereof on retirement that depends on an employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns.
3. Invest Into an IRA Every Year. An Individual Retirement Account, or IRA, is an essential component of a comprehensive retirement strategy. This type of savings account, specifically designed ...
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