Free «Finance 5 DB» Essay Sample

WHAT TYPES OF RETIREMENT PLANS (401KS, IRAS, ETC.) MIGHT BE BEST FOR YOUR PERSONAL SITUATION? BE SURE TO EXPLAIN THE PLAN YOU ARE INTERESTED IN AND WHY THIS IS BEST FOR YOU.

Introduction:

Savings play an important role in the modern economy not just at macro level but also at the micro level including the households. The concept of savings is associated with investment and the two are considered best to happen together in order to achieve a sustainable economic growth.

When people save money it is utilized by the productive resources to add to the national output. Thus the concept of time value of money comes into play and people saving their money find it increased manifold while the time passes. This helps people make them financially secure when they are about to retire from work.

There are different savings plan available and after going through them I have chosen Self Directed IRA as the choice for my retirement savings plan. 

 

Self Directed IRA is the retirement savings plan that allows a person to take investment decisions on behalf of the retirement plan (Self Directed IRA). Although there were other plans available but this one suits well to my way of thinking. 

As I am inclined to take control of my decisions and take most decisions in a centralized fashion I would prefer to utilize this scheme. This plan will give me double satisfaction and make my work life more challenging as I would do my job with more satisfaction because it would make me feel that its not only job that controls it but my future is under my control as well.

  So, when a person thinks with free mind he/she is able to take better decisions. And I think Self Directed IRA is the best and my choice for my retirement.

 

 
   

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