Retirement Planning

ObjectiveTo get teens thinking about what retirement means and how their personal finances are likely to change.
Description Retirement Planning

You have many years to go before you really need to start considering retirement, however, it's very beneficial for you to understand how your income and expenses will likely be affected.

Steps:

  1. Imagine that you are about to retire and consider the following questions:

    • Will you income increase or decrease?
    • Where will your income come from?
    • Is your income fixed or will it grow over time?
    • How will you be taxed in retirement?
    • What type of expenses will you have?
    • Will your expenses increase or decrease?
    • How will inflation affect your income and expenses?
    • What would be the major risks to your finances (poor returns on investments, medical expenses, etc.)

  2. Plug in some numbers into one of the many available retirement planning worksheets available on the internet.

  3. Now discuss the above questions & worksheets with a friend or family member you know who is in or nearing retirement.
Complete When

Mark this activity as complete when you feel that you have a good basic understanding of what retirement means to your personal finances.

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Age Range 15    16    17    18   
Activity Type Lesson
Tags Expenses  Income 
CreatedRobRob
Last ModifiedCindyCindy

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