Paper:
The term paper should include references and supporting materials. Include an executive summary (includes the topic clearly stated, a brief description of the research method(s) employed, and provide a summary of research conclusions.)
All references must be properly cited. At least 3 references must be included. Include a list of references at the end of the paper. Please number pages, use spell check, review the research question for clarity, and address the question in the paper. Rough drafts must be typed. Rough draft submissions will receive constructive comments.
Make every effort to turn in a well thought out draft with the pertinent supporting materials and logical conclusions. There will be the opportunity to revise the paper prior to the deadline for the final submission. Whenever possible, use quantification, graphs, tables, and charts.
Topic: Retirement Planning:
Is the process of determining retirement income goals and the actions and decisions necessary to achieve those goals? Retirement planning includes identifying sources of income, estimating expenses, implementing a savings program and managing assets.
Process,
Bearing Point Wealth Partners approaches retirement planning using an eight-step process:
Set your retirement goals
Assess your current financial position
Identify retirement income sources
Evaluate retirement risks
Understand health care issues
Invest your retirement assets
Manage your retirement income
Monitor your retirement assets
Significance
Before we begin discussing how to plan a successful retirement, it's important to understand why we need to take our retirement into our own hands in the first place.
This may seem like a trivial question, but you might be surprised to learn that the key components of retirementplanning run contrary to popular belief about the best way to save for the future. Further, proper implementation of those key components is essential in guaranteeing a financially secure retirement. This involves looking at each possible source of retirement income.
· Uncertainty of Social Security and Pension Benefits · Unforeseen Medical Expenses · Estate Planning · The Flexibility to Deal With Changes
Key elements
Until recently, many retirees have been able to rely upon the three-legged stool of retirement income sources: A defined benefit pension plan that guarantees a lifetime income, their own savings, and Social Security.
Within the last couple of decades, the first leg of the stool has all but disappeared as many defined benefit plans have been replaced with defined contribution plans such as a 401(k) plan. This has shifted the responsibility for creating a retirement income source to the individual.
With expanding life spans and increasing retirement costs, it will require serious retirement planning to ensure that your income will last a lifetime. Here are the four essential elements of a sound retirement plan:
· SET CLEARLY DEFINED GOALS
· CALCULATE YOUR RETIREMENT COSTS
· LONG-TERM INVESTMENT STRATEGY
· TAX-DIVERSIFICATION