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 If my friends were looking for advice on retirement savings, I would have several questions for them in order to recommend an investment direction. Many factors are at play based on individual situations, and there are numerous options for each to consider. For the friend planning on retiring in 40 years – I would first find out if she is self-employed, or working for an organization who contributes a matched amount into retirement accounts of employees. If she was self-employed, there are options for individual investments with the help of a financial adviser to manage the account. And if she were employed through a contributing organization I would likely recommend seeking out their plan, as the contribution is essentially part of her compensation. By not participating she would be leaving money on the table. Additionally, if she had the expendable income to invest in supplemental accounts outside of her employer or individual retirement fund, I would encourage her to explore those options as some research has been done to prove that those with supplemental retirement accounts are more likely to be financially better off than those relying on single investment accounts (Le Blanc & Scholl, 2017). I would also encourage her to maintain a diverse portfolio, with a mix of value and growth stocks. She has plenty of time to make investment choices that could result in a high return, and years to let her investments grow.

            On the other hand, my friend retiring in ten years would need to take a much less-aggressive approach if he were considering investing. Since he already has a significant nest egg put away, and the goal is to maintain and grow that wealth, I would discourage him from any risky investment accounts and lean toward more stable options. CDs and bonds are typically recommended for those entering retirement age as they are a very low risk while still providing return and stability long-term (Jordan, 2019).

Jordan, Sheena. (2019). Tom Terzis Explains the Different Investment Focuses on Millennials, Pre-Retirees, and Retirees. Retrieved from: https://www.econotimes.com/Tom-Terzis-Explains-the-Different-Investment-Focuses-for-Millennials-Pre-Retirees-and-Retirees-1568144

Le Blanc, J., & Scholl, A. (2017). OPTIMAL SAVINGS FOR RETIREMENT: THE ROLE OF INDIVIDUAL ACCOUNTS. Macroeconomic Dynamics, 21(6), 1361-1388. doi:http://dx.doi.org.saintleo.idm.oclc.org/10.1017/S1365100515000899