ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Experts consider it a safe bet for starting your retirement plans. You have two decades more to build a substantial sum for your future needs.

Detailed explanation-2: -The answer is simple: as soon as you can. Ideally, you’d start saving in your 20s, when you first leave school and begin earning paychecks. That’s because the sooner you begin saving, the more time your money has to grow.

Detailed explanation-3: -The sooner you begin saving for retirement, the better. When you start early, you can afford to put away less money per month since compound interest is on your side. For people in their twenties, the most important aspect of saving is to just get started.

Detailed explanation-4: -When asked when they plan to retire, most people say between 65 and 67. But according to a Gallup survey the average age that people actually retire is 61.

Detailed explanation-5: -59 1/2-This is when you can access your retirement accounts with no penalty. 62-This is the average age because you can start collecting Social Security benefits. 65-This is the age that Medicare benefits begin. 70-This is when your Social Security bonus stops adding to itself.