im only 18 so its little hard to to answer the question..can someone help me make up some answers.
. Evaluate your current retirement savings plan. You should consider the amounts in your retirement accounts to complete the analysis, but you do not need to state these amounts in the assignment. However, please include what types of retirement accounts you have (pension, 401k, IRA, ect.). Consider the following:
- What are your expected Social Security Benefits? .
- At what age will you be eligible for Social Security benefits?
- What can you expect from your employer pension plan(s)?
- What type of employee savings plans or individual retirement plans are you invested in?
Analyze your retirement plans.Respond to the following questions in your analysis.
- At what age do you plan to retire?
- What percentage of your current income do you need to live? OR How much income will you need? (To receive a "Ballpark Estimate" of the savings you need when you retire go to: http://www.choosetosave.org/ballpark/index.cfm?fa=interactive.)
- How will inflation affect your retirement plans? (The following calculator looks at inflation and retirement purchasing ability.http://www.fincalc.com/ret_05.asp?id=12425 )
- Are you currently saving enough?
- If not, what else could you do to plan for this loss of income?