RET - Retirement Overview

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Retirement

Introduction

Retirement may seem like it’s really far off, but those who start planning at a very young age become the retirees without a worry! It can be hard to save money when you are just starting your time in the job market or just starting a career. Saving early can make a world of difference when it’s time to retire! Many people wait too long to start saving and end up having to work later than they'd like to. If you are well prepared and knowledgeable about retirement savings, you will be able to retire and enjoy the later part of life!

Lesson Preview

In this module, we will study the following topics:

401Ks and Roth IRAs: Learn how to contribute to and grow retirement accounts.

Social Security and Pensions: Take a look at other sources of income during retirement.

Matrix Operations: Explore how data can be organized into matrices. 

Annuities: Discover the benefits (and drawbacks) of purchasing an annuity.

Key Terms

The following key terms will help you understand the content in this module.

  • 401K - A type of retirement savings account in the United States; a contributor can begin to withdraw funds at the age of 59 ½ .
  • Compound Interest - You receive interest not only on the initial amount, but on the interest as well; in other words, interest is accumulated on any interest received.
  • Investor - Someone who commits money, time or their own effort to get a return on that investment.
  • Retirement - The point where a person ends their employment completely.
  • Roth IRA (Individual Retirement Account) - A special type of retirement plan under US law that is generally not taxed, provided certain conditions are met.

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