Retirement Savings Plan
Review current online articles (e.g., Forbes, Bloomberg, AARP) about retirement age and savings needed, as well as information from your textbook. You may also view other website such as CNN Money and the social security website. Next, locate an online retirement calculator and calculate how much you will need to save for retirement ("guestimate" based on your anticipated career (Forensic Psychologist) and pay scale ($75,000). .
This assignment contains three parts as outlined below.
In a 600-800-word APA-formatted paper, address the following about retirement:
Part 1: Key Career Factors
Discuss some key factors to consider when thinking about the type of career you want (e.g., control over time, income, personality factors). Be sure to justify your response with expert support.
Part 2: Description of Retirement
Analyze and describe the following aspects of retirement, including:
What is retirement? What are the most appealing aspects about it for you?
What age would you like to retire and why?- 63 yo (so I can help people as long )
How much will you need to save according to the retirement calculator? Make sure to factor in current salary for your state. Explore the U.S. Bureau of Labor and Statistics for the median salary for your selected career for this assignment.
What are your biggest concerns about retirement? Do you foresee any challenges?
Describe a few steps you need to take to ensure you have an adequate amount saved for retirement (e.g., investments, savings, budget).
Explain how you might structure your life post retirement, including how you will maintain your identity apart from your career and how you plan to connect with others.
Describe how you plan to maintain your physical activity and how you will challenge your mind as you age. Be sure to connect your responses to the academic literature.
Part 3: Life Post Retirement
Locate at least one retired person (or couple) and solicit their advice about retirement (e.g., what would they do differently? Suggestions for a successful retirement?). Does their advice line up with the research/content in your textbook?
Consider using Level 1 headings in your paper to organize your content:
Key Career Factors
Description of Retirement
Life Post Retirement
A minimum of three scholarly sources are required, not including the calculator. Current online financial magazines count, although you must include a reliable source such as your textbook, which contains substantive information about retirement. Prepare this assignment according to the guidelines found in the APA Style Guide,
Retirement Savings Plan
Author’s Name
The Institutional Affiliation
Course Number and Name
Instructor Name
Assignment Due Date
Key Career Factors
I want to pursue a career as a forensic Psychologist," and the factors that motivated me to carve out a career path in this field include the following:
Personality: I enjoy tasks' challenging and problem-solving nature and avoid mundane and repetitive activities.
Flexibility: Forensic Psychologists enjoy considerable control over time as they have to operate from project to project and may enjoy refreshing breaks in between. They also have autonomy over the workload and may decide to pick the cases they find within their comfort zone or manageable within a given timeline.
Description of Requirements
Retirement is the stage in a person's occupation where he voluntarily ends his occupational role (Krantz, 2020). The most appealing aspects of retirement for me include relaxation, leisure, spending more time with family, and withdrawal from work-related obligations (Krantz, 2020). I want to help people as long as I can, which motivates me to have an extended career and retire at the age of 63 years.
According to the Bureau of Labor Statistics, a psychologist’s median annual earning is $102,900 (falling into the 50 percentile) (BLS, 2023). I have used it to calculate my retirement savings. A recent article at Forbes suggests that a person needs ten times as much as their last annual income to maintain their current lifestyle post-retirement (Stoller, 2023). I have used the same estimate to calculate the expenses post-retirement to cover 35 years (i.e., by the expected age of 98 years).
However, I have used a slightly different approach from the article while calculating my annual average savings, as I have used a fixed instead of a floating approach. The article suggests that I am supposed to gradually raise a percentage of savings after every ten years (Stoller, 2023). However, considering my personality characteristics, which involve a preference for instant gratification over long-term benefits (short-term orientation) and impulsivity, I find a fixed approach more appropriate. Similarly, I also find it more appropriate since I mostly prefer keeping things simple. Therefore, I have tried the above inputs (needing ten times as much as my last salary to cover 35 years of expenses with a 2% expected increase in salary and 2.9% in inflation. I have tried multiple times with different percentages and find that 33% of annual savings will suffice. These findings are also visualized below:
(Bankrate, 2023)
My biggest concerns about the post-retirement l...