Brett, A, (2011), Retirement 101: How to figure out what you will need, The Wall street Journal, retrieved from UNIT 35: EUROPEAN BUSINESS
http://online.wsj.com/news/articles/SB10001424052748703410604576216950781576840, retrieved on 15th August, 2014
Summary of article- Retirement 101: How to figure out what you will need
The article in context states that most of Americans fear from retiring due to the fact that they are not confident for having sufficient income during their retirement time. The fear of poverty and not having source of livelihood at the retirement age worry them. This article offers six steps which would be helpful for the individuals in order to understand their current income position and what they need in order to attain the access to sufficient income during their retirement time. The first step given in the article is the amount of income which would be required, second step would be to assess the amount of income which would be received through outside sources, third step would assess the amount of income which would be obtained through own investments, fourth step would have to make assessment for the fact that how long the investment need to last. Fifth step would examine the estimate with help of data gathered through initial four steps by an individual. The final step in present article advises individuals to stop panicking and start saving for their future. The early they will start, the more they will save for their better future.
Relation with chapter-15
Present article exhibit relationship with chapter-15 of text wherein two sources talks about saving which individuals need to do in order to spend healthy lifestyle in their retirement age. Chapter-15 of the text provides insight on the income which individuals need to accumulate so as to live healthy lifestyle at their retirement age, determination of the saving targets for retirement wealth goals, description of the personal retirement saving for individuals and understanding on the options for saving in the early age (Jordan et al, 2010). Similar, views has been reflected through WSJ article wherein depending upon the requirement for total amount of funds in the retirement time a plan has been developed for ensuring monthly savings for individuals so that they can reach their goal for accumulating sufficient funds. There is some difference between the two information sources as well; WSJ article does not include all possible alternatives of expenses and income for calculating the amount of funds required at the time of retirement for the individuals while chapter-15 provides insight into all possible alternatives for expenses as well as income. This would help in making full proof planning for retirement so that there is no uncertainty associated with retirement plan developed by an individual (Sid et al, 2012). List of assignment help services
Impact on personal life
Information collected through two sources i.e. WSJ article and chapter-15 would have a significant impact on our personal lives. Reviewing two information sources would help us to understand the requirement of funds at the time of our retirement and way through which we can develop planning for accumulating these funds (Meigs and Robert, 2011). A person having knowledge about personal planning would not panic in any circumstance and would make appropriate decision regarding saving for the retirement age.
Meigs, W. and Robert F., (2011), Financial planning for retirement, 4th ed. (McGraw-Hill Book Company) pp. 187-188
Sid M, Anandi P and Robert A, (2012), "Practicing Financial Planning for Professionals" (Practitioners' Edition), 10th Edition. (Rochester Hills Publishing, Inc.) sec. 1-3