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Advice to Those Just Begining a Career - Center for Retirement Research at Boston College
So much has been written over the past few years about the critical importance of preparing financially for the future–and even more explicitly–for retirement, and in most cases, it comes down to being diligent in accumulating wealth for those later years. As many are coming to realize, Social Security is not, and never was intended to be, a full-fledged retirement plan. Rather, it is a form of social insurance designed to keep vulnerable folks from falling into poverty after a lifetime of work. By design, Social Security benefits will only replace a portion — typically less than half — of pre-retirement income. So, how do you cover the remainder?
A post yesterday by the Center for Retirement Research at Boston College contributor Luke Delorme, CFP® provides a clear and simple answer that recent graduates should consider as they embark on their career years. It calls for participation in a retirement plan, along with steady and aggressive investment along the way. Delorme provides a supporting scenario illustrating his application of these principles on his post, which you can read here…