Retirement Plan Instructions your future is in your hands Please fully read all PowerPoints and materials for this week and watch the video guide before completing this assignment. This page contains

Retirement Plan Instructionsyour future is in your handsPlease fully read all PowerPoints and materials for this week and watch the video guide before completing this assignment. This page contains the directions and questions that you will need to complete the assignment, but you will not fill in your answers here. Instead, your responses should be on the Retirement Plan Worksheet.content instructionsLife course development focuses on the well-being of individuals, families, consumers, and the communities in which they live. An important concept in understanding life course development includes continuity of developmental stages of individuals and families, timing of family-related events, and developmental history, including periods of both change and stability. When we plan for retirement, our focus is on developing our resources to reach our goals. Resource development and sustainability includes managing your resources wisely, protecting the environment, and promoting sustainable practices.The purpose of this assignment is for you to develop an investment plan with the ultimate goal of funding your retirement for your final life cycle stage as an aging family member.  It may be simple or sophisticated. You must research 3 articles/sources to support your plan. You should provide in-text citations and a reference for each of these articles.  Articles, books, and internet resources on financial planning and management are acceptable resources to use, but they must be referenced in APA format.objectivesPart 1: Background information – There are a few key pieces of information that you will need to know before you can work your way through the rest of the worksheet. 1.      What career do you plan to pursue after graduating from USM? You will need to think of a specific career and do a little research about the typical salary for that career. The internet is your friend here, so search around and be sure to include a citation for the site where you find your information.Part 2: Establishing realistic retirement goals – Before you can answer the questions in this section, you will need to spend some time working your way through a retirement calculator. These are free online tools that you can use to estimate how much you will need saved in your nest egg to retire. I recommend the retirement calculator provided by Nerdwallet at https://www.nerdwallet.com/investing/retirement-calculator but you are welcomed to use others if you prefer. Note: You are under no obligation to sign-up or pay for any services as part of this assignment and this is not meant to act as an endorsement of any business. I just want you to get some experience with a retirement calculator tool.Get familiar with the retirement calculator tool and try experimenting with changing the values for salary, retirement age, percent of monthly income saved, and rate of return on investment. Use the calculator to help you answer questions 2 and 3.2.      At what age should you plan to retire and how much money do you need to retire? You will be able to get this information from the retirement calculator but it will also be determined by your own circumstances (perhaps you are beginning your retirement planning later in life and so you will need to move your retirement age back a few years, or perhaps you will be eligible for a pension through your work earlier in life and so you can retire earlier). 3.      In a paragraph of at least 200 words, explain in detail how you determined the retirement age and nest egg amount answers in question 2. What factors influenced your decision? What changes in your situation could occur between now and retirement that might change your decision? Hint: You will need to provide a reference and citation back to the website/article/other reference material you used to come up with your answers.Part 3: Planning your route to your goals – Using the retirement age and nest egg amount you listed above, complete the next set of questions.4.      Timing – In a paragraph of at least 300 words, answer the questions listed below:o   When do you want to start investing?o   How will the different life cycle stages (see Duvall’s stages outlined in the attachment to this assignment description) impact your ability to invest? Identify two of the eight listed cycles and discuss their impacts on your ability to invest. Hint: Since you are referencing Duvall’s stages, you will need to include a citation to the attachment in Canvas.o   How many years do you have to meet your retirement goal?o   What do you have to do each year to achieve your goal? Hint: talk about the financial decisions that you will need to make and maintain each year between now and retirement.5.      Explain – In a paragraph of at least 300 words, answer the questions listed below:o   How would you set up your will in your investment plan? (Include a description of the resources that you will use to set up your will).o   Who will your beneficiaries be (which individuals do you plan to leave your estate/assets to) in the future and what life cycle changes may cause you to change your beneficiaries? o   Now that you have completed this retirement plan, what changes will you need to make to your current budget and life plans to meet your retirement goals?o   How does your investment plan fit in with your life goals? What do you want to do when you retire? (Travel, go on family vacations, pay for college, etc.) formattingYour final Retirement Plan Worksheet submission should:       ·        Use APA-format citations and references for your source material – Include in-text citations and a references page.·        Be completed as a worksheet using the provided template (like the EL worksheets)·        Be double-spaced·        Be 12 point Times New Roman fonts only·        Have no cover page or report cover of any kind·        Be submitted to Canvas as a .docx or .pdf document (.pages documents form your iPhone or Mac will not be accepted).This assignment is worth 50 Points