Prepare a 3-to 5-minute oral presentation with a narrated PowerPoint or video file. Topics must be about business or financial decisions. See the online resource in this week’s required readings for how to create a narrated PowerPoint. Topics can include any of the following:
- When to start saving for retirement
Explanation & Answer length: 4 slides
WHEN TO START SAVING FOR RETIREMENT ASSIGNMENT 5 Mirza I. Baig WHY AND HOW TO START SAVING FOR RETIREMENT NOW Many people find saving for retirement difficult or something that can wait. Some of them do not even warrant much attention to it. But there are actually a lot of benefits to saving for retirement. Devoting even a small percentage of your income to savings can make a huge impact in your financial situation in the future. Time will come when you will have to leave your career. When you are there, you want to have as much money as possible so you can enjoy your golden years more. If you start out saving late, it is fine. What matters is you get it started today. One of the reasons why it is important to save for retirement is because no one will do it for you. Unless you come from a wealthy family and your trust fund will finance your retirement, the responsibility of planning it lies with you. You owe it to your kids, not to yourself to save for retirement so you won’t be a burden when you reach 65. To understand why it is important to save for retirement as early as possible, you should have an understanding about the concept of compounding interest.
For example, if you start to save at the age of 20 and planning of retiring at 65, if your goal is to save $500,000, you should set aside $2,350 a year based on a yearly return of 6 percent. Waiting until you are 35 to start saving triples your yearly contribution. It does not matter if you are younger or older. You should start to contribute to a retirement fund as early as you can to maximize your savings. Saving for retirement is not easy. It starts with cutting your expenses to educating yourself of the best avenues to invest. To get started, you must plan and decide on a personal budget. Write down your monthly expenses on one side and on the other side, your income.
If you make more than what you spend, you can devote that extra money to your savings or as retirement funds. If not, you should take a close look at your expenses and start to make some cuts. Try reducing your monthly bills. Bundle services or cut things that are not necessary. Check your monthly bills for any hidden fees and contact your provider to have that eliminated. Be flexible and switch to a different provider if the deal is better for you. These are some of the best reasons and ways to save for retirement. There is no other time than today to prepare for your future. You will do yourself a huge favor if you start saving as early as possible. When the time comes that you need to retire, you will be able to enjoy all those savings and live a worry-free life.
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