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Fin 101: week 14

by: Rachel Rusnak

Fin 101: week 14 FIN 101

Rachel Rusnak
GPA 3.2

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About this Document

Planning for Retirement. Retirement Accounts. Estate Planning.
Personal Finance for Fiscal Wellness
Professor Boylan
Class Notes
25 ?




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This 4 page Class Notes was uploaded by Rachel Rusnak on Wednesday July 6, 2016. The Class Notes belongs to FIN 101 at Ball State University taught by Professor Boylan in Summer 2015. Since its upload, it has received 11 views. For similar materials see Personal Finance for Fiscal Wellness in Finance at Ball State University.


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Date Created: 07/06/16
Personal Finance 101 Professor Boylan 1 Chapter 14: Planning for Retirement. ***on test*** 1. Retirement for Students. a. Get the degree (boost income). b. Buy a home (build equity). c. Marry an= as you. d. Buy proper insurance. e. Start a 401K. f. Excel and get a Mentor. g. Don’t count on anybody. 2. Wealth Gap in Retirement? a. Not only are lower paid workers earning less… b. They are less likely to be prepared for retirement. i. Retirement plans. ii. Pensions. iii. Healthcare. >$100 in wealth. 3. Where we can get Retirement Income. a. Multiple sources of income (if you participate). i. Social security. ii. 401K and/or 403 (b). iii. Individual retirement account(s). iv. Company pensions. v. Investments. vi. Residual income (insurance/ recording). vii. Annuity (ies). 4. Setting retirement Goals. a. Lifestyle after retirement. i. Financial security. ii. Health care- much more significant to older people than younger people. iii. Options. b. Setting a time frame for retirement. 5. Estimating Retirement Income Needs. a. Determine future retirement needs. b. Estimate retirement income. i. Where all the checks come from. c. Decide how to will provide for the difference between income and needs. 6. Determining Financial Needs. a. If you retired today. b. Expenses in retirement. c. Factoring for inflation. d. Working after retirement. e. Making up for lost time. i. Starting young is so much easier. 7. Pitfalls in Retirement Planning. a. Starting too late. b. Putting away too little. c. Investing too conservatively. i. Compounding magnifies these pitfalls. 8. Social Security and Medicare. a. What to expect from Social Security. b. What Medicare may provide. Personal Finance 101 Professor Boylan 2 i. Focus of retirement. 9. Social Security Retirement Benefits. a. Normal retirement age is now 67. i. If born in 1960 or later. b. You must have been paying in for at least 40 quarters, or 10 years. c. Early retirement results in a lower percentage of total benefits. d. Later retirement results in an increased benefit. e. Survivor’s benefits for spouses who are age 60 or older or who have a dependent child. i. Keep old people out of poverty. f. Survivor’s benefits for dependent children. 10. Before You Quit. a. Are you vested? b. Do you have an outstanding loan from your 401K? c. Do you have less than $5,000 in the account? d. Does your new employer have a retirement plan? i. Know what investing periods are. ii. Take your money and run. 11. Company Pension Plans. Employer Sponsored. Contribution Benefit. 1. Defined Benefit Plan ? $500 2. Defined Contribution Plans $500 ? 12. Individual Personal Contributions (using your money). a. Retirement accounts. b. Investments. c. Other saving strategies. d. Hiding money under mattress. 13. Your Home Equity. a. Reverse mortgage. i. How much you can borrow. ii. How you are paid. iii. How you repay the loan. iv. Nonrecourse loan. v. What you can use the money for. vi. What about taxes? Chapter 15: Retirement Accounts. ***on test*** 1. Individual Retirement Accounts- IRAs. a. IRA Overview. b. Traditional deductible IRAs. c. Traditional nondeductible IRAs. d. Roth IRAs. 2. Company 401K and 403(b) plans. Personal Finance 101 Professor Boylan 3 a. Employer sponsored 401K plan. b. Self-employed 401K plan. c. Roth 401K plan. d. Nonprofit Organization 403(b) plan. e. TSP (govt). 3. Individual Annuities. a. Tax-sheltered investment vehicles administered by life insurance companies. b. Make contributions now in return for a series of payments later. c. Contributions not tax deductible. 4. Getting Help? a. Professional assistance. i. Certified Financial Planner (CFP). ii. Chartered Financial Consultant (ChFC). iii. Certified Public Accountant (CPA). iv. –and Personal Financial Specialist (PFS). v. Charter Life Underwriter (ChLU). Chapter 16: Estate Planning. ***on test*** 1. Estate Types. a. Taxable Estate. i. All assets privately owned. ii. Decreased interest in jointly owned property. iii. Joint owned property with spouse. iv. Property where decreased retained controls. v. Retirement accounts. 2. Wills VS. Trusts. Will Trust >End of life< >Can last a long time< + Contract (always follow). + Separate financial entity. Personal Finance 101 Professor Boylan 4 + Executor/ Executrix. - Need a financial attorney. - Need and attorney. + Can change (doesn’t go to court). +/- Cannot change. + Board of directors. - Probate (what is actually being done by the will) - Expensive. - Getting along. 3. Wills. a. What if you want to leave someone out? b. Does it need to be changed if there is a change? c. Lets you decide who is taking care of the kids/ pets. d. Must be kept on fine (so someone can find it). i. Debt is not passed on to anyone unless the agree. ii. You can exclude people. e. Die without a will= intestate. 4. Trusts. a. Need some cash/ or equity in home. b. Costs a lot to set up. c. Separate tax form. d. Exists until you run out of money. e. Can put them off-shore. f. Expensive. 5. Money Cannot buy You… a. Integrity. b. Happiness. c. Love. d. Respect.


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