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What Is Retirement Planning?

Views 15752022.10.27
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Key Takeaways

● Retirement planning involves setting a financial goal for retirement and finding out the conditions to achieve that goal.

● A retirement plan can support the lifestyle you choose and preserve your savings.

● 401 (k), IRA, and Roth IRA are common retirement plans.

Understanding

A retirement plan is part of lifelong financial planning. It maps out your financial goals and their conditions.

Key stages of retirement planning include: determining your income sources, managing your assets, and monitoring your budget. The primary objective is to ensure your retirement budget aligns with your expectation.

Why retirement planning matters

We all grow old and will retire one day. Retirement planning is necessary if your income in retirement cannot fully cover your expenditure.

Top reasons for retirement planning may include:

1、Fulfill retirement aspirations

2、Support lifestyle

3、Preserve savings from inflation

4、Protect against emergencies

5、Live a longer life

6、Save for the loved ones

How to make a retirement plan?

1、Set your targets. Consider when to retire and how much money is needed.

2、Calculate how much should be saved monthly to reach your retirement goal. Remember to take inflation into account.

3、Pick one or more retirement plans that meet your needs. Common programs include 401 (k), IRA, and Roth IRA. 

4、Review your plan regularly to evaluate how well it manages your assets and meets your expectation. 

The bottom line

Retirement planning is relevant to us all.

The earlier you start thinking about it and working on it, the greater benefits you will enjoy later in life.

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This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information having regard to your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty as to its adequacy, completeness, accuracy or timeliness for any particular purpose of the above content.

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