Why Do We Need A Retirement Plan?

  1. 61667 POINTS
    Steve Savant
    Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
    Someday we will want to or have to retire. How we save today will determine how we live in retirement. A retirement plans is simply paying your self first every pay check. It's investing in your senior lifestyle. Social Security can help, but more than likely it's going to be inadequate. So it's important to live a little lower lifestyle today and set aside money for a comfortable lifestyle in your golden years.
    Answered on August 22, 2013
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  2. 63333 POINTS
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    Peggy MacePRO
    Most of the U.S.
    Without a retirement plan, your money will probably go to whatever appears to be most urgent at the time. For people with wealth, this could be your children wanting to go to the most expensive colleges, your spouse wanting to buy a very expensive home, or you wanting to take up an extremely costly hobby. For those of more modest means, it could simply be eating out every day. No matter where you are pulled to spend your money, without a plan, there may not be enough left to retire on. Considering that you could easily live 20 years past the age when you retire, it is important to plan ahead so that those years are as comfortable as the years preceding them.
    Answered on July 9, 2014
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  3. 111 POINTS
    Katelyn Atwater
    Sales Associate, Liberty Mutual, Boston, MA
    As a young professional, I view my retirement plan as a top priority. Many do not begin putting their plan in place until after they have children or perhaps when they reach a certain age, say 45 or 50. The truth is, the earlier you begin your retirement plan the more likely you will succeed with it. There are many ways to create your retirement fund, but they all begin with saving. If you start saving now, you will have enough saved up to either live comfortably off of when you do retire, or to put those funds towards something like an annuity that guarantees you will have money to live off of for the rest of your life. Call your agent today to discuss your options and discover what makes the most sense for you.
    Answered on October 21, 2015
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  4. 1976 POINTS
    Ronald Hinch
    Regional Marketing Director, Capital Choice Financial Group,
    A good retirement plan could be a company-sponsored plan like a 401k or a personal IRA or both. But, you do need a retirement plan to make sure of your financial security because social security is only there to supplement your income. It's always good to begin as young as you can but just do it at any age. Then when you do retire it might be a good option to roll that money into an annuity that would leverage what you have saved into a steady stream of income for a lifetime.
    Answered on April 29, 2016
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