Life after retirement can be challenging, with several needs that need to be satisfied. For a comfortable life after employment, one needs to have a reliable savings plan enabling an individual to easily access services like healthcare. The social security plan formulated to protect people after retirement faces a financial crisis due to unemployment issues. I will opt for the 401(k) to have a better retirement plan. By using the solo 401(k), I will have an added advantage of remitting contributions as both employee and employer.
Based on the votality of the stock exchange market, I would consider not investing in my retirement savings because uncertainty. Instead of the stock market, I would rather pick a different investment that guarantees the safety of my money in the long run. If I can pay for private health insurance, I can contribute more from my paycheck to get more returns upon retirement. I would advise the government to increase the full retirement age to save the social security and Medicare program. This will help the government reduce the number of years the benefits are paid to the people.
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