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Saving for Retirement

Retirement is the big pie in the sky for a lot of people. We are living longer, healthier lives these days, and most people who are currently working can look forward to at least 15 or 20 years of active retirement. To really enjoy your retirement, however, you need adequate financial resources. Where’s the fun in spending your golden years on a strict budget, unable to afford the golf, travel, fishing, or whatever you love to do?

Of course, retirement is not a simple as it used to be. It was once common for people to work full-time until they were 65 and then retire on Social Security and a pension that paid a fixed benefit for the rest of their lives. This kind of pension is called a defined benefit plan because the amount you receive per month is fixed at the time you retire, usually based on your length of service and the amount your were paid for the last few years of employment. Such plans are less and less common these days.


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