Successful Career and Retirement Plan

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Feb 20, 2024

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Successful Career and Retirement Plan Christina Spivey PSY-358: Adult Development and Aging Dr. Sara Boz November 17, 2023 2

Successful Career and Retirement Plan Key Career Factors When selecting a career, money is one factor to consider for retirement. It's critical to select a vocation that will allow you to earn enough money to pay your bills today and save a sizeable sum for retirement. The kind of financial resources that are supplied is another crucial factor to consider while deciding on a career. To assist me in making sure that I am saving enough for my future retirement, the employer ought to have a retirement plan. My personality is one last significant component. To pursue this career all the way to retirement, I should pick a profession that would bring me joy and please my soul. Description of Retirement After reaching a specific age, retirement is the act of a person quitting their employment and not working any more (Cavanaugh, 2024). I like the concept of being able to go on adventures, enduring life, and the globe to the fullest, and be free to do as I like after I retire. I want to retire between the ages of 65 and 70 since that will allow me plenty of time to travel to all the places I want to see and accomplish all my life's goals. I'll need to save $1.05 million by the time I'm 67 years old to be able to retire. My primary concern is ensuring that I have sufficient savings to avoid financial trouble upon retirement and to leave some money for my surviving family members. I will need to save actively, using both my personal funds and, if my place of employment offers one, joining a workplace retirement plan, to ensure that I have enough saved to be able to retire. To avoid wasting money on frivolous items and to be able to set aside money every month for savings, I will also need to learn how to budget my money. In order to improve my financial decision-making, I also intend to enroll in financial classes to learn more about budgeting and financial planning (Topa et al., 2018). 3

Life Post Retirement My dream post-retirement lifestyle would be engaging in peaceful activities and spending time outside. In addition to reading, preparing meals, creating artwork, drawing, and perhaps offering up my time, I hope to be able to live in a lovely country farmhouse where I can spend my days walking my animals and swimming whenever possible. I intend to participate in non- work-related interests to preserve my identity independent of my professional life. This includes spending time with the people I love, who are unconnected to my profession, friends, and family, creating art, consuming literature, trekking, going camping, and knitting. I wish to already be in a community with individuals I know and care about to build relationships with others. However, I also want to engage in activities that will take me outside of my neighborhood, like doing volunteer work or maybe taking on a part-time job. To live healthier lives, a lot of specialists encourage people who have reached their golden years to establish a regimen. It's not necessary to have an extremely busy itinerary; just include a few worthwhile activities each day, such as going for a weekly dining outing or taking a leisurely stroll with a neighbor. Sustaining relationships, organizing get-togethers for barbecues, volunteering, and making new investments in friendships are numerous instances of how crucial it is to stay engaged. It's additionally recommended to maintain a brain active and challenged, which can be attained by taking up an unfamiliar pastime, social networking, or vacationing. My survey respondent advised me to start funding a retirement account immediately and to never take money out of it. If that's all I can handle for now, they encouraged me to start modestly and progressively increase my expenditures when I start earning more money and investing each pay period. She also advised me to never refinance a major purchase, and that if I were interested in purchasing a home, my sole investment would be in modifications. 4

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Conclusion Retirement is the time to kick back and do the things you've always desired, such as embarkation, aquaculture, or just about anything else. One can if they are competent and take care of what they should as they mature. Not everyone has the privilege of being retired and not having to find employment, or even merely working intermittently. It's critical to start saving money early on in life. Preparing to have sufficient funds on hand to cover all their expenditures when they get to that phase of their lives. When an individual retires, there is less job to keep them active or cognitively stimulating, thus it is of the utmost importance that they maintain a psychologically as well as physically sound way of life. 5

References Cavanaugh, J. C. (2024). Adult development and aging (9th ed.). Cengage Learning. ISBN-13: 9780357796276. Retirement calculator from AARP - how much to save? . AARP. (2022, December 23). https://www.aarp.org/work/retirement-planning/retirement_calculator.html Topa, G., Lunceford, G., & Boyatzis, R. E. (2018). Financial Planning for Retirement: A Psychosocial Perspective. Frontiers in psychology , 8 , 2338. https://doi.org/10.3389/fpsyg.2017.02338 6

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