Reflection #22

Reflection #22 Would you change your values in order to get more money? Bell Quiz Day 8 Estate Planning Hand out outline at the door

Class Assignment 2:Managing a Checking Account Now that you have written a whole month worth of checks we will use our Bank Statement to reconcile the account. We need to make sure our Bank Statement and our Check Register align and coincide with each other. Hand out the bank statement and go through together. What the heck do you spend it on woman?

Retirement Collage Use the supplies to create a collage of what you want your life to be like when you are about to retire.

Retirement Planning Every year millions of people call it quits. • The trick to a successful retirement is to put aside enough money over the years so that when you decide to go around the world in eighty days, you can afford it. • The reason for putting money aside now for later is so that it will grow, presumably at a rate faster than inflation.

Retirement Taxes are a reality and must be considered when determining the expected return on an investment. Taxes are a compulsory charge imposed by the federal government on its citizens and the property. A person should defer the effects of taxes by investing into a tax-deferred account up to the minimum limit.

Retirement Tax deferred means that taxes will not be paid until a person takes the money out of the investment. The initial investment, interest earned, and money that would have been paid in taxes will continue to earn money, not subject to taxes, until the person chooses to withdraw the money.

Tax-deferred Accounts • Four retirement accounts that are tax-deferred in which we can invest in: • 403(b) • 401(k) • IRA • Roth IRA

Tax-deferred Plans 401(b) 401(k) • This is a plan for certain employees of non-profit organizations, public schools, and ministers. • Age to withdrawal is 59 ½ years old • This plan allows a worker to save for retirement while deferring income taxes on the saved money and earnings until withdrawal. • Age to withdrawal is 59 ½ years old

Tax-deferred Plans IRA Roth IRA • Taxes are paid on earnings at the time of withdrawal. The funds can be used to purchase a variety of investments (stocks, bonds, certificates of deposits, ect.) • Age to withdrawal 59 ½ years old • All earnings and principal are 100% tax free. If rules and regulations are followed funds can be used to purchase a variety of investments. • Age to withdrawal 59 ½ years old

Your Only Old Once by Dr. Seuss

Old Age QuizTrue or False • Elderly people are too old to hold responsible jobs. • Elderly people are cute and adorable. • Elderly people are senile. • Elderly people are boring. • Elderly people are in good or excellent health. • Elderly people are ugly. • Elderly people can think clearly. • Elderly people can learn new things. • Elderly people enjoy sex. • Elderly people are a burden. • Elderly people spend a lot of time doing very little. • Elderly people are in nursing homes.

Old Age Answers • False – They may not be as efficient where physical labor, speed or concentration are critical but most older workers perform as well as younger workers. • False – Society often perceives older adults as children and treat them that way. • False – It is normal for short-term memory to decrease over time and for information to be processed less efficiently than when they were young. By age 80, only 6% of the elderly population is senile.

Old Age Answers • False – Old people have a wealth of experience and life stories that most are willing to share. • True – Most aged people consider their health to be good or excellent most of the time. • False – Our society is very youth-oriented, but that does not mean that only young people can be beautiful. Old age is a different kind of beauty, one enhanced by character and wisdom.

Old Age Answers • True – Older adults have a harder time picking up information because their eyesight and hearing often decline. The key to thinking clearly is being an active learner all your life, getting a good education and being in good health. • True – The older generation is more interested in the arts, in children, are more creative, philosophical and spiritual than those younger. Many take classes or do volunteer work.

Old Age Answers • True – Older people do enjoy physical intimacy. Sexuality can be lifelong. • False – Most older people live in their own homes and strive to be just as independent as possible. • False – Most older people keep as busy as they would like to be pursuing household chores, hobbies, volunteer work and social networks. • False – What percent do you think are in nursing homes? • The actual number is 5%.

Aspects of Aging • Emotional Aspects • They may experience some identity problems in re-defining their roles as they age. • Physical Aspects • The human body matures at about the age of 25. At this point, the body begins to deteriorate. The organs become less efficient and sensory problems occur. • Sexual Aspects • Females: Menopause, around 50 the female sex hormones slow down. • Males: Climacteric, male sex hormones begin decreasing around 50 and by 80 very few are produced. • Financial Aspects • Finances are their greatest worry. • Social Security, Medicare and Pension Plans are not adequate.

Class Assignment 10:Retirement Essay and Collage • Finish up your collage. • Write a 1 page essay to the following: • Many teenagers dream of the kind of lifestyle they would like to have when they retire. Create an image of the type of lifestyle you would like to have when you retire. Include ideas on how much you think it will cost to maintain this lifestyle. (Do you want to live on what you are used to, more than you are used to or less then you are used to?) Make sure and indicate where your income will come from after retirement.

Reflection #22

Reflection #22

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