ADMS 3541 Lecture Notes - Lecture 11: Internal Revenue Service, Home Insurance, Retirement Planning

• School: York University
• Department: Administrative Studies
• Course: ADMS 3541
• Professor: Alan Go

Document Summary

With fewer companies offering full pension plans and the uncertainty of social security, it"s become more important than ever to save and plan for your own retirement. Unfortunately, many people feel that they simply don"t have enough money left over each month to save. That, however, can be costly if you delay saving until later in life because it means missing out on the power of compound interest. Retirement savings needs to become a priority instead of an afterthought. The internal revenue service has made saving for retirement even more attractive with special tax-advantaged accounts such as employer 401(k) plans, individual retirement accounts and special retirement accounts for the self-employed. These accounts allow for tax deductions, credits and even tax-free earnings on some retirement savings. If you"re not saving for retirement yet, revisit your budget to see if you have room to include it.