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google retirement calculators
look up what amount you will need YOURSELF to retire.
That would be an excellent paragraph on your essay - using yourself as an example.
Chances are it will say you will need at least 3 million to retire above the poverty level which is currently 31,400/ year.
The teacher will see that you fully understand the importance of saving for retirement.
Do not add social security - since it wont be around then.
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It is important to plan for retirement.
Even a squirrel saves nuts for winter.

You must wateh out though. If you invest in something that doesn’t grow, you could be losing.
For example if you have enough money to buy 1000 loves of bread and you invest it for a long time, and when you take it out you find that the price of bread has gone up a lot, then you have not profited from your investment.

If you save your money for medical care when you get old, and then find out that medical care is free, you have lost.

I’ll try my best. The earlier you are able to invest money, the better because it will have more time to grow (with interest). If you don’t save for retirement, you won’t really have much of anything for retirement. If you’ve ever done exponential growth equations, you’ll see how true this is. If, for example, parents of a newborn baby invest $600 every year (that’s $50 a month) in some sort of a savings thing that earns 12% interest annually, they invest this much every year until their baby is 21 and the person doesn’t take it out until he’s 65 he will have over 10 million dollars. Diversifying investments is mainly important because if one thing decreases in value or one company goes under, you won’t lose everything. Hope that helps a little.