Retirement Savings PlanCreated by Shaun Senker

Senker28@students.rowan.edu

Beauty of Retirement This is the time that you have worked up for your

whole life The time to do whatever it is that interest you

whether it is traveling or just simply relaxing A place where you should be worry free financially

Click the picture for a savings

plan

Planning in Saving for Retirement

Retirement is accomplice best by having set goals financially to help you be where you want to be for

the next years of your retirement

Click here to see a savings

plan

Reasons to Start Saving Now! I plan on start working at the age of 22 The first job I will have will be in the business field of

accounting The average salary for that job is $42,000 My goal is to work for 44 years and retire at age of 66 My life expectancy is at 84 years old so I will be retired for

18 years

Some Facts of Retirement Average Inflation Rate is 2.15% Average Savings Rate is 5.50% With theses Averages my salary before retirement

will be $80,315

Benefits of Saving Early When I start working at the age of 22 if I start

saving $5,204 annually and then by the time I retire my totals savings would be $903,233

Click the picture for a savings calculator

Start Savings Immediately Start Savings 10 Years Later

Start Savings 15 Years Later

Start Savings 20 Years Later

Start Savings 25 Years Later

0%

5%

10%

15%

20%

25%

30%

35%

40%

Percent of Salary Saved

% of Salary Saved

This graph shows how starting to save as soon as possible will make it easier to retire sooner

Start Savings Immediately Start Savings 10 Years Later

Start Savings 15 Years Later

Start Savings 20 Years Later

Start Savings 25 Years Later

$-

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

Salary as Compared to Amount Saved Given Year

SalarySavings

Salary Savings % of Salary Saved

Start Savings Immediately $ 42,000 $5,204 12%

Start Savings 10 Years Later $51,956 $9,601 18%

Start Savings 15 Years Later $57,786 $13,339 23%

Start Savings 20 Years Later $64,271 $19,000 30%

Start Savings 25 Years Later $71,484 $28,136 39%

How Time Helps

As the years go on the more the percentage of salary savings goes up

Sources “More Retirement” CNN Money. Online.Availability:

http://money.cnn.com/retirement/ “Set your Retirement Goals” Vangaurd. Online.Availability:

https://personal.vanguard.com/us/insights/retirement/saving/set-retirement-goals

Brown, David. “Life Expectancy Hits Record High in United States” The Washington Post. June 12, 2008. Online.Availability: http://www.washingtonpost.com/wp-dyn/content/article/2008/06/11/AR2008061101570.html

“Historical Inflation” Inflation Data.Online.Availability: http://www.inflationdata.com/inflation/inflation_rate/historicalinflation.aspx

“Interest Rates” B&E Personal Banking. Online.Availability: http://www.be.com.au/index.php?option=com_content&view=article&id=160&Itemid=194

“Money-Zinc”.Online.Availability:http://www.money-zine.com/Calculators/Retirement-Calculators/Retirement-Savings-Calculator/