Why Planning for Retirement Is Important - The Cutten Group Tokyo Japan

1. The Cutten Group Tokyo Japan MAY 16 The Cutten Group Tokyo Japan The Cutten Group Tokyo Japan 1

2. Why Planning for Retirement Is Important Why Planning for Retirement Is Important Many Americans put off starting their financial planning for retirement until they have been employed for a while, despite the intention to retire at some point. People should start saving money as soon as they can for their post-working lives because of the increasing cost of living the cutten group tokyo japan. According to a recent research, roughly four out of every five full- time workers have access to a 401k plan or other comparable investing option that is sponsored by their employer. On the other hand, more than four in ten Americans do not have a pension or significant savings. There are several reasons why you should begin saving today, regardless of your approach. Your life expectancy will increase. Your life expectancy will increase. American citizens had an average life expectancy of little over 68 years in 1950, when the majority of the baby-boomer generation was born. 78.7 years old is the current figure as of 2010. Then what is the relationship between life expectancy and financial preparation for retirement? Your need for financial support will increase as you live longer. In 1950, if you were to retire at age 50, you would typically need to have enough money saved up to last 2

3. another 20 years or so. For the next roughly three decades, you need to save enough money today. Not Enough Social Security Not Enough Social Security The typical American receives $1,250 per month from social security, or almost $16,000 annually. This is far from being enough money to live comfortably for the great majority of Americans. In addition, you have to be 62 years old or older before you may start receiving social security payments. It follows that if you leave the workforce earlier than that, you must rely solely on your own personal savings, 401(k), or pension. Health Health- -care costs are more expensive for retirees. care costs are more expensive for retirees. In addition to usual costs like a mortgage, food, insurance, and entertainment, retirees must now deal with the rising cost of healthcare. The typical cost of normal medical treatments, check- ups, and drugs for a retired American couple in their sixties is close to $600 per month, on top of health insurance payments. It will cost more than $700 a month when you're 75. Retirement Should Be Pleasurable Retirement Should Be Pleasurable 3

4. We've already covered all the drawbacks of neglecting to make adequate financial plans for retirement. Let's take a look at what a secure plan can achieve now the cutten group tokyo japan. People are living longer than ever before, as was already noted. It also implies that there will be a ton of free time for leisure pursuits. If you are financially stable, this may entail frequent trips to out-of- town family, extensive travel, and even frequenting upscale dining establishments. So, in order to have a healthy, stress-free, and punctual retirement, financial preparing for it is essential. Less stress will be on your mind in later years the earlier and more you save. 4