Saving for Retirement

Retirement

Intro to Retirement Project

Open Ended

What does retirement mean to you???

Open Ended

What do people do in retirement?

Open Ended

What would you do during your retirement?

Poll

What do you think it takes to retire?

• Age

• Money

• Years Worked

Open Ended

What do you think is the average age for retirement?

What is Retirement?

Retirement, according to the dictionary, means to “withdraw from one's position/job or from an active working life.”

You can achieve retirement when you have sources of income that do not have to be earned by working. This is also called financial independence.

According to Dave Ramsey

The average age of retirement is 62 years old.

When he spoke to retirees, only 33% of them retired with their original retirement plan and timeline.

Open Ended

What age do you want to retire???

Open Ended

Why do you think people go back to work after retirement?

Poll

Do you believe people live comfortably off 100% of their paycheck? (Meaning they have enough to pay for bills, food, and leisure activities)

• Yes

• No

Poll

Do you think it would be more challenging or less challenging living off 70% of your income?

• More Challening

• Less Challenging

NerdWallet

(a trusted financial source)

Tells us that people save 70%-90% of their yearly income to maintain a comfortable retirement

Open Ended

How much money do you think you'll need to comfortably live on each year?

Open Ended

Companies have retirement plans for their employees.

What percent of your income do you think most companies pay you for retirement?

Project Details

• Use the document to answer guiding questions

• Compare retirement plans based on the standard retirement plans, your dream job, a side hustle, and a creative opportunity.

In order to know how much money you'll need for retirement,

Multiply the number of years you plan to be retired by your yearly income.