If you're 25, retiring as a millionaire is quite simple if you stick to some set rules. Adhering to the rules, however, is what hangs most people up. Although the rules are straightforward, abiding by them every payday is tough.
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When choosing a defined retirement plan, a normal desire is contributing the least amount of money and assuming as little risk as possible. Playing it safe is a natural instinct when it comes to money you have worked so hard to earn. What you should ask yourself though is if that safety will ensure your money will last through retirement.
Topics: defined contribution plan, defined benefit plan, what is a defined contribution plan, defined benefit plan vs defined contribution plan, defined benefit pension plan, what is a defined benefit plan
Social Security rules are complicated, but you probably have a basic understanding of how they apply to you. When you reach full retirement, you expect to receive a monthly check from the government based roughly upon how much was taken from your paychecks over the years you worked and how old you are when you retire. Essentially you are forced to save for your retirement.