COPYRIGHTED MATERIAL
YOUR RISKY RETIREMENT
C H A P T E R 10
Learning Goals By the end of this chapter you will be able to: • Tell the percentage of • Analyze the potential consequences of an underfunded retirement • List common sources of retirement income • Identify 21st century challenges to saving for retirement • Explain how a 401K retirement plan works to build wealth • Tell about different types IRAs • (Opt.) Analyze the Social Security controversy • (Opt.) Draft an email to their elected representative communicating their opinion and concerns about the Social Security fund U.S. households currently underfunded for retirement
PRODUCT PREVIEW
Y ou’re young. You haven’t even started a career yet. Why should you care about retirement now? Why shouldn’t you just put your head down on your desk and take a nice little nap because retirement is so far off there’s really no point in thinking about it? Besides, considering the condition the world is in, who knows if we’ll all even be around in 50 years or so when it’s time for you to retire? Trust us on this: the world will survive and one day you will retire from your career. What kind of life do you see for yourself in your golden years? How old do you think you’ll be when you retire? What’s your personal vision of your retirement? Your retirement years may not be as rosy as you expect. Your generation faces significant risks to living an even moderately comfortable retirement. As a financially literate person, you should know a bit about these risks and how to prepare for the challenges ahead!
Chapter Resources: Know your elected representative’s positions on taxes, Social Security, wages, retirement, and other economic legislation impacting your financial future. Your job: find your elected representative's website. Express your opinion on matters that affect your financial future!
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