So this week in Finance, we discussed planning for retirement (particularly with the demise of Social Security seemingly imminent), and a lot of our classmates seem to have hit on sound bits of advice. What we all agreed on was that young people hoping to support themselves in their retirement years should do all they can to start saving now so that they can enjoy their retirement later. Our strategies were a bit different, but we all agreed on pretty much the following points:

We agreed that there should be some type of retirement account that young people should start investing in, putting monies aside every time they get paid so that the money can earn interest. Some of us even suggested putting our money into securities so that our money can earn interest, which could ease our retirement significantly. I suggested sitting down and talking with a financial planner who could help us to determine exactly what type of financial future we would like to have and how we can achieve it. Another thing I pointed out is that some people are content to live in the now with the attitude "we can always start saving later". "Later" turns into years, and before you know it, retirement is imminent, and these people have little or nothing to show for their efforts. So it is important to look seriously at our retirement in terms of our financial future.