Retirement
What percent of people plan to retire before age 661
That’s right.
In a recent study, 51% of workers plan to retire before age 66. But how many are prepared financially?
Not quite.
In a recent study, 51% of workers plan to retire before age 66. But how many are prepared financially?
Who is saving more for retirement - Hailey or Cameron?
That’s right.
Correct, due to the power of compounding, Hailey's balance will be $130,000 higher than Cameron's even though she contributed less. Hailey's total contribution is $40,000 and her balance at age 65 will be $583,091. Cameron's total contribution is $120,000 and his balance at age 65 will be $453,133.
Not quite.
That is not correct. Due to the power of compounding, Hailey's balance will be $130,000 higher than Cameron's even though she contributed less. Hailey's total contribution is $40,000 and her balance at age 65 will be $583,091. Cameron's total contribution is $120,000 and his balance at age 65 will be $453,133.
For illustrative purposes only.
This hypothetical illustration does not reflect the performance of any specific investment.
Actual rates of return cannot be predicted and will fluctuate. Your results may be more or less.
This example assumes an 8% annual investment return.
Potential income taxes have been ignored.
1. 401(k) or 403(b): Employer-sponsored retirement savings plans (403(b) are government and not-for-profit organizations that allow you to invest pretax salary on a tax-deferred basis.
2. IRA: An individual retirement plan (IRA) - offers tax advantages to encourage people to save for retirement on their own.
Traditional IRA:
Roth IRA:
1. How much can I contribute to a 401(k)/403(b)?
2. How much should I contribute to a 401(k)/403(b)?
3. Why should I invest in an IRA?
4. Can I take money out before retirement?
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