From the course: Start Young for Your Best Retirement
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Visualizing retirement for you
From the course: Start Young for Your Best Retirement
Visualizing retirement for you
- Retirement is not free. No kidding, right? In fact, if you live to a ripe old age, you could actually run out of money and that is frightening. So how do you know how much money you need to retire? It's an excellent question and it's one that's different for every person. There's two main ways to save for retirement. The first is a defined benefit plan. This is a plan that you and sometimes your employer contribute to while you're employed. And once you retire, you get a set income for the rest of your life. Pensions and government plans like social security fall into this category. The beauty of defined plans is that planning your life after retirement is relatively easy 'cause you're going to know exactly how much money will come to you each month. And even if you live to 100, you'll still get the income. The responsibility for these plans sit almost entirely with the plan providers. They do the work to make sure you'll get paid in retirement. The risk comes if the plan is…
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