Prompt:

Explain how the potential investments of a retiree differs from a young person. Then discuss your investment plans or the plans of someone you know personally.

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Retirement plans vary throughout your lifetime, depending on your age, income, and many other factors.

For example, when you are about 25-35 you may not be able to save anything more than about 10% of your income after securing things such as a 401(k) or an IRA. Even if you don't put very much money into these accounts, it will build up over time because of interests and other things like that, so it's best to start saving early (11).

At age 35-55, during your peak earning years, you should surely be saving about 10 to 20 percent of your income for retirement. You could also put more money than normal in there because of added bonuses or inheritance (11).

Age 55-retirement is when you should be protecting your assets because that is more important than trying to pursue growth (11).

During retirement, you should always be planning for what kind of financial situations you are dealing with and the impact that they will have on your taxes. Your decisions could help you deal with all of life's milestones (11).

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My mom and dad have been saving for their retirement ever since they were in their early 20's, and they have stayed like that over the years and they are looking at a very good retirement plan, to the point where my dad will be able to retire very early, probably in his 50's. They are a good lesson to learn and a very good role model for my financial stability.