Retirement - about continuing to work before retirement...

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Darryl Williams Jason Little FIN 320-26 29 September 2011 Retirement Concern surrounds the issue of saving for retirement in the United States’ current economic situation. In fact, almost 66 percent of Americans worry about how they will save enough retirement money before their retirement actually begins. Those who are not saving for retirement at all are going to face financial troubles in the future, because people who do not save usually outlive their means of support. The Consumer News and Business Channel provides ten tips that will assist in retirement saving. The first tip is to become completely debt free before starting retirement. Supporting one’s self after they leave the employment field is hard enough as it is, but paying off debts in addition to that will place too much of a strain on one’s finances. The second tip is to have a definite plan for saving and spending. The third tip is to seriously think
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Unformatted text preview: about continuing to work before retirement starts, because it would not be wise to retire before benefits are earned. The fourth tip is to make sure one is fully informed of the consequences of accepting a cash buyout. The fifth and sixth tips are to utilize strategies that will lower income tax. Tip number seven addresses one of the most common mistakes senior citizens tend to make, which is giving money away to children and grandchildren. Grandparents should instead set up an account for their grandchildren. Tip number eight is to not rely solely on social security. Social security should be used as a safety net supplement the money that has already been saved. The ninth tip is to prepare for the unexpected, because anything can interrupt retirement plans. The final tip is to live within one’s means. Do not attempt to upgrade to a more expensive lifestyle, because this will quickly deplete finances....
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