Around the age of sixty five or above
I plan to retire when I am no longer in healthy condition to function or serve society. As your retirement date approaches, it is natural to find yourself looking back at all that’s happened over the course of your career, from personal and professional accomplishments to lessons learned and challenges overcome. Your employer’s retirement savings plan is an essential part of your future financial security. It is important to understand how your plan works and what benefits you will receive. Just as you would keep track of money that you put in a bank or other financial institution, it is in your best interest to keep track of your retirement benefits. I predict that I will no longer function adequately and efficiently around the age of sixty five or above. Retiring early means fewer earning years and less accumulated savings. Also, the earlier you retire, the more years you’ll need your retirement savings to produce income. Your retirement could last quite a while. It is important to work as long as you can to build up your retirement savings. If you were to retire early make sure that you’re making enough money from your job to put back for your retirement savings. Sixty five is a number that most Americans retire because that is the age when they can enjoy the rest of their lives with their spouse and loved ones. Some people love working and the thought of going a day a lifetime without work, can be dreadful and scary. Some Americans work past their retirement date just to be working and making more money. Admittedly, I am skeptical of going a day without working and serving society because I have so much that I want to accomplish and contribute in the fields of social work and child care. After graduating from high school I will attend, the College of Benedict in Columbia, S.C to obtain a master's degree in Social Work. My time spent their will last a total of four years. For my doctorate's degree, I plan to attend either Winthrop University or Howard University. By the time I complete my doctorate's degree I will be around the age of twenty five or twenty six years old. Beginning to save for retirement at a young age makes it much easier to save enough to retire comfortably. If you save $5,000 per year in a 401(k) beginning at age twenty five and earn a six percent annual return on your investments, you would reach age sixty five with an average of $798,741. If you begin saving $5,000 per year at age forty and earn the same return, you'll hit age sixty five with just $283,161. In fact, even if you save $10,000 per year beginning at age forty, you'll still end up with significantly less money than if you started saving $5,000 per year in your mid-20s. Most likely I will have a career by then and have the opportunity to start saving money for my retirement. With an average salary of $46,060 per year, child and family social workers earn slightly more than mental health counselors ($43,700) and substance abuse and behavioral disorder counselors ($41,090). However, they earn less than other professionals.