The goal of this paper is to examine the concept of successful retirement and highlight how effective planning can positively impact an individual’s financial, social, and psychological well-being during retirement. For this assignment, you will conduct a review of current online articles from sources such as Forbes, CNN Money, Bloomberg, AARP, and the Social Security website, among others, to gather information about retirement age and savings needed. Additionally, using a free online retirement calculator from T. Rowe Price or another suggested resource listed in Topic 4, you will estimate the amount needed to save for retirement based on your anticipated career after graduation and average pay scale.
The assignment is comprised of three main sections, and you are required to address the following aspects of retirement in an APA-formatted paper of 1,000-1,500 words:
Section 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). Justify your response with current, scholarly support.
Section 2: Description of Retirement
Analyze and describe the following aspects of retirement, including:
What is retirement? What are the most appealing aspects of it for you?
At which age would you like to retire and why?
How much will you need to save according to the retirement calculator? Factor in the current salary for your desired career in your state. Use the U.S. Bureau of Labor and Statistics site to help you determine the median salary for your selected career.
What are your biggest concerns about retirement? What challenges do you foresee?
Describe a few steps you need to take to ensure you have an adequate amount saved for retirement (e.g., investments, savings, budget).
Section 3: Life Post Retirement
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. Share some expert advice.
Describe how you plan to maintain your physical activity and how you will challenge your mind as you age. Share some expert advice.
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? Explain.
A minimum of three scholarly sources are required, not including the calculator. Please use the following headings in your paper to organize your content:
Key Career Factors
Description of Retirement
Life Post Retirement
