The Importance Of Retirement Planning

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Aging American must now secure other streams of income for retirement to secure their lifestyle.
In her article, ‘Understanding Retirement Planning’, Sue Haggerty stated that “the most important aspect of retirement planning is understanding what your income replacement rate needs to be during retirement in order to maintain your pre-retirement lifestyle.” Consequently, knowing the replacement rate helps put the retirees in a position to avoid cutbacks. Haggerty conveyed, ordinarily the retiree does not need to have 100% of their pre retirement income after they retire due to the fact that Retirees do not have to pay into Social Security. Additionally, since they are retired there is no need to spend funds on work-related items. Surprisingly, …show more content…

(2010)-(States, Congressional Washington DC): Congress of the United Budget Office, Scholarly article Social Security- United States- Finance: retirement income; online Access: http://purl.access.gpo.gov/GPO/LPS, http://www.cbo.gov/publication/21547
Meyerson, N. (2010) up some interesting point in research about the down fall of social security

Haggerty, Sue (Jun-Aug2017) Retirement planning. Catholic Digest Vol. 81 Issue 7, p33-38. ISSN: 0008-7998 Accession Number: 123563838 Database: MasterFILE Premier 6p. http://www.catholicdigest.com, http://web.b.ebschost.com’umuc.edu/detail
Applebaum, Robert, Cummins, Phyllis (Summer 2017), From Rock ‘n’ Roll to Rock ‘n’ Chair: Are Baby Boomers Financially Ready for Retirement? Journal of American Society on Aging Vol. 41 Issue 2, P88 – 94. 7p. Database: Master FILE Premier

Alderson, M. J, Betker, B. L (Setember2017) Does the benefit of Deferring Social Security offset the Opportunity Cost to do so; Journal of Financial Planning Vol. 30 Issue 9, p38-48 Article ISSN:1040-3981 access Number: 124960695 NAICS Codes: 541611 Administration Management and General Consulting Service, 523930 Investment Advices. Database Business Source completes Citation.

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