Essay on Investing in a Plan for Retirement: Are You Prepared for Retirement?

Essay on Investing in a Plan for Retirement: Are You Prepared for Retirement?

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Options for Retirement

The majority of people age 65 or older in the United States are still working in full time positions. This opens the question if they planned for retirement, or what if anything went wrong while working? How do they feel about still having to work? Have they taken proper steps in preparing for retirement? Are they only working to pass time? These are the questions that everyone should be asking themselves about their own retirement plans, and what they have done to financially prepare for that stage in their life.

It is never too early to start planning for the retirement. In today’s economy there are no guarantees that there will be sufficient funds coming from Social Security when an individual reaches the time to retire. The cost of living is rising, and the income levels are not rising fast enough. Even though approximately 95 percent of Americans are covered under Social Security there are many factors to consider when planning for retirement. In forty years Social Security may not be available to everyone anymore, or sufficient to survive off of. Which would mean the only retirement options available will be the ones that individuals have personally prepared for.

According to the Retirement Confidence Survey (RCS) that is conducted yearly by the Employee Benefit Research Institute (EBRI) for the year 2014 shows that a mere 18 percent of individuals surveyed stated that they are confident about having enough money for their retirement. On the other hand twenty-four percent are not at all confident about their retirement funds. More statistics concerning the RCS survey can be located under http://www.ebri.org/pdf/surveys/rcs/2010/FS-03_RCS-10_Prep.pdf

Employers are not required to provide retiremen...


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...ation, planning, and considerations, retirement funds can be extremely low and can therefore cause severe hardship. It may cause retirement to be pushed back past the age of 70 to have access to enough funds. It could also bear stress to other family members, children for example, which would have to help out financially and delay their retirement plans. Utilizing the proper education, research tools, guidelines, and determination retirement plans can be set in place early to leave room to fluctuate over time. It is no one else’s responsibility but one’s own to prepare for their future, and therefore should take matters in their own hands. The question now is, are you prepared for retirement, and if not what steps are you going to take? 

References
http://www.ebri.org/pdf/surveys/rcs/2010/FS-03_RCS-10_Prep.pdf

http://owl.english.purdue.edu/owl/resource/560/01/

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