Standard: 6.5.12.H Evaluate
benefits and costs of changes in interest rates for individuals and society.
EQ: What is retirement and why is it important to plan for retirement?
Grading:
15 points - paragraph answering essential question
5 points - listing a relevant website
15 points - reacting to two fellow students work
= 35 points
Due Date: Thursday, May 7th at 11:59pm
Goal: Understand key concepts related to retirement
Task: After studying the website,
- write a paragraph or more answering the essential question of the lesson: YOU WILL POST BELOW IN THE COMMENTS SECTION. PLEASE REMEMBER TO POST YOUR NAME AND PERIOD. SELECT ANONYMOUS OR USE YOUR PRIVATE GOOGLE ACCOUNT TO POST. PUT YOUR NAME AND PERIOD IN THE POST IF YOU SELECT ANONYMOUS.
- Post an informative website about home ownership
- Comment thoughtfully on two other students' blog posts.
WRITE ABOUT THIS:
What are key concepts of retirement and why do YOU think it's important to plan to retire?
Janye Stanley-Period 4
ReplyDeleteRetirement, means to withdraw from one's position or occupation or from active working life. You can achieve retirement when you have sources of income that do not have to be earned by working. Retiring can be a bad thing for some people, but it can also be a good thing. In my opinion I feel like in order to retire you have to be financially stable, and able to support yourself. That is why sometimes you see people when they retire they end up going broke because they are not financially stable or don't have enough money. That is why it is very important to make sure before you retire, you are financially stable. Some people retire because they are tired of their jobs or they just don't feel like working anymore, but those type of people always end up going broke in the end. I feel like it is important to plan to retire because you aren't going to be working forever. You have to make sure you have a plan so that you will be happy with your life and you know what you are doing. You should also look at ways to make money while you are retired as well, so that you have extra money coming in. Personal planning is very important because it is the determining factor of your satisfaction with your retirement lifestyle. Financial planning is crucial because it identifies your sources of income and expenses and establishes your retirement budget, based on your personal plan. Saving money is very important before you retire.
https://www.scotiabank.com/ca/en/personal/investing/investing-basics/importance-of-planning-retirement.html
Jonathan
DeleteI found your paragraph informative about what retirement is and I agree that we should plan ahead for retirement so we can have the best possible life.
Cristina
DeleteI think you made a discussed a good point that not even the website really delved into, which is the reasons why people retire. It is important to recognize when you are no longer able to work or that you can still make money through a part-time job or something.
Jessica Ledesma- I agree it is best to be financially stable to have the best and easiest retirement experience. When reading and learning I just wondered about the people in situations who are not able to be financially well off, like people with disabilities, The support is said to not be enough and i wonder if something happens to make saving difficult what retirement can look like.
DeleteI really liked what you said here Janye. I like your perspective. You're right. At some point you need to stop working and enjoy life.
DeleteGreat replies to your classmates here!
DeleteJonathan R- Pd4
ReplyDeleteAccumulating the reserves you would like for a comfortable retirement may take decades, depending on your wage, and you’ll want as large of a settle egg as conceivable once you are not bringing in a compensation. By beginning to contribute in your retirement early on in your career, your reserves will accumulate and develop over time, clearing out you with considerable sufficient finance to fulfill your retirement dreams. Your future isn't ensured, which is why retirement arranging is fundamental, and once you have got a arrange input – adhere to it. On the off chance that you run into inconvenience afterward in your life, you’ll attempt as difficult as you'll be able to stand up to the allurement to plunge into your retirement reserve funds, in spite of the fact that it'll be there as a security net in the event that you require it. Be beyond any doubt, there are in some cases punishments for pulling back your retirement stores, and you'll need to spare them for your genuine retirement.
https://www.scotiabank.com/ca/en/personal/investing/investing-basics/importance-of-planning-retirement.html
Cristina
DeleteI think that your summary offered really good advice, and reminded people of consequences like spending their retirement funds.
Jessica Ledesma- I found your answer well written and a good answer to the question. I never thought about all of the planning that goes into saving for retirement. Getting professional help will definitely be essential for me. Besides what i want to do activity wise I have to decidde what I am willing to put in in regards to even how long I think i will live based on genetic history. I think post retirement planning is good as a form of protecting from risk and issues like you said good job on explaining consequence especially when thinking of risk including personal and family, healthcare and housing, financial, and public policy.
Deletenice points Jonathan. I agree...it must be tempting to see money in savings for retirement and not want to use it.
DeleteAgain, great replies to classmate's post!
DeleteAngellise Lopez
DeleteI liked how you talked about the consequences of using up retirement savings. That is something I should have talked more about in my response
Good points in this people do need to watch what they do with money and they should not spend it.
DeleteYou gave really good points and good advice. Good job!
DeleteJanye
Cristina L, 4th period
ReplyDeleteRetirement is going to be different for most people, because we have different interests and financial goals. Generally, people become too old to work full-time, so they either stop working entirely, work part-time, and/or focus on a hobby of theirs. It is important to think about retirement, because planning for it correctly will give you more options in the future. You may not know if you want to travel the country, or spend time with your grandchildren, but a proper plan will allow you to make that choice. People normally think about 401(k)s when they discuss retirement plans, and they are an important aspect of it. More companies automatically enroll you for it, and at latest, you can start contributing to it after 12 months. It is important to know that you shouldn’t withdraw money early from this account because you will have to pay an additional 10% tax. You may also consider an IRA, and there are two types, investment and saving. Banks and FDIC-insured CDs offer savings IRAs, and they are less risky than investment IRAs. On the other hand, investment firms offer investment IRAs, which are more risky, but offer more long-term growth. In conclusion, saving for retirement early is important for you to have a flexible future, even more so for our generation since the average life expectancy is rising. You may not know exactly what you want to do, but it is better to be prepared.
https://purefinancial.com/learning-center/blog/why-retirement-planning-is-important/
Jessica- I really liked your descriptions I think they were really informative and easy to understand. This whole planning thing really remind me about planning and savings. You have to know what youd like to do with your income and what is necessary in the situation for you. I find it funny how we work to save for when we dont work. Personally I cannot wait to retire but I most likely will be a stay at home person who doesnt spend much, what about you? This could also change as some reports say the drastic change can affect peoples health.
DeleteNice points Christina..and I agree - you may not know what you want to do when you retire, but you do know you'll want to spend your time wisely and enjoyably.
DeleteAngellise Lopez
DeleteYour summary was very easy to read, it was also very informative. I can tell that you put a lot of thought into this, great job!
Jessica Ledesma (principles of econ 4th period)
ReplyDeleteLife in America has a pretty set and standard form of living. We go to school, get a job, and eventually retire. Retirement, according to the dictionary, means “withdraw from one’s position or occupation or from active working life.” Retirement is something that looks different from person to person depending on their personal situation and how they choose to/can spend the years. It gives the person the ability to rest regarding health or pursue an interest that they care about and find fulfilling. We as a society are career determining thinking about the present and future only in regards to careers, not necessarily what will happen at an older age after years of work when will most likely slow down and something pushed aside because it is unpleasant and not a major part in our lives. This makes it difficult to see how today is essential to determining how somebody will spend their future years.
Planning for retirement often includes looking into savings in forms such as the commonly known IRA or 410k. These work differently and should be understood well before one thinks of retirement as possible financial support that does not include support from social security given which is risky and unfilling (according to investopedia Top 4 Reasons to save for retirement now " Its payments replace about 40% of the average wage earner’s income after retiring. And, it adds, most financial advisors say retirees will need about 70% of their work income to live comfortably in retirement. So, there’s a rule of thumb: Even with Social Security, you need to come up with about 60% of the income you’ll need to live comfortably after you retire.”) When thinking of learning more about 401k (deductions from paychecks put into savings for later on retirement use) look to employers rules and regulations and seeing if an employer even offer such plans or if you could get support from them earning you more money. If the method is not available but you still are looking towards savings from an IRA (individual retirement account). Planning can be beneficial because of many reasons. Nothing is planned out entirely, but this just means you have to be ready for whatever happens while also planning for goals and agenda (which can be changed). Hope for the best but expect the worst. You should be ready to pay for unexpected things like medical issues or other problems. Going back to that agenda and planning is essential to how much you are doing in regards now. If you want to do more home activities vs big once in a lifetime experiences can impact how much you need to save to do what you want with your life when you finally have the time and not always busy with work. You need to have plans in regards to determine your income (will you live off of savings or some part time work) and the way you want to earn that income (for long are you planning on working can determine income factors).
Life is full of uncertainty, but the best thing we can do is plan. Planning earlier can help with the uncertainty in life surprises. Sometimes things in life will happen, causing financial struggle. This can often put a big pushback and plans and organization, but these affects will be impactful if time is still available to continue working. Right now is an example full of uncertainty and long-term pushback nationwide with the corona virus. According to an article I read "The COVID-19 Crisis Must Accelerate The Transformation Of Retirement Savings” big changes in retirements are being made per the moment. With the rightful safety precautions of quarantine people are not working and having to look for support in whatever ways possible and it is not always to save when necessities are needed at the moment and with less penalties people are looking for ways to survive. These changes need to be researched by government officials and how the elderly will in the near future be able to sustain themselves.
Jessica website - https://www.forbes.com/sites/angelaantonelli/2020/05/07/the-covid-19-crisis-must-accelerate-the-transformation-of-retirement-savings/#76a4d441bb93
DeleteVery thorough summary Jessica..I enjoyed reading. I agree - hope for the best but expect the worst. This pandemic has shown us all the need to plan to save for uncertain times.
DeleteAngellise Lopez Period 4
ReplyDeleteRetirement is when people decide to leave their job/position at a certain age(usually between 62-65). It is important to save for retirement because solely relying on social security will not get you that far( social security is not meant to be the only source of someone's outcome). Also, when your able to rely on the money that you saved you will feel a sense of satisfaction. Another reason you should save for retirement is that it can lower your taxes. Lastly, saving for retirement can provide a much happier and comfortable life.
https://investor.vanguard.com/retirement/savings/why-save
FUN FACT: "Almost half of all Americans have no retirement plan savings whatsoever."
https://www.investopedia.com/articles/retirement/110116/6-surprising-facts-about-retirement.asp
I like all the information you provided, I also clicked the link.. it had good information.
Deletejaivis
Life in America has a pretty set and standard form of living. We go to school, get a job, and eventually retire. Retirement, according to the dictionary, means “withdraw from one’s position or occupation or from active working life.” Retirement is something that looks different from person to person depending on their personal situation and how they choose to/can spend the years.That is why it is very important to make sure before you retire, you are financially stable. Some people retire because they are tired of their jobs or they just don't feel like working anymore, but those type of people always end up going broke in the end. I feel like it is important to plan to retire because you aren't going to be working forever. You have to make sure you have a plan so that you will be happy with your life and you know what you are doing.
ReplyDeleteSara Dansby Period 4
I agree, America is literally the land of opportunity and we all can still use that philosophy to continue our own lives as-well.
Deletejaivis
Retirement, means to withdraw from one''s position or occupation or from active working life. You can get retirement when you have sources of income that do not have to be earned by working. Retiring can be a bad thing for some people, but it can also be a good thing, or so they thought. I feel like to retire you have to be financially stable, and able to support yourself, pretty contrary to popular belief. That is why sometimes you see people when they retire they end up going broke because they are not financially stable or don't have enough money, which is significant. That is why it is very important to make sure before you retire, you specifically are financially stable in a big way. Some people retire because they are tired of their jobs or they don't feel like working anymore, but those people always end up going broke in the end. I feel like it is important to plan to retire because you aren't going to mostly be working forever, which is fairly significant. You have to make sure you have a plan so that you will be happy with your life and you know what you mostly are doing. You should also look at ways to make money while you are retired as so that you have extra money coming in in a subtle way. Personal planning is very important because it specifically is the determining factor of your satisfaction with your retirement lifestyle in a fairly major way. Financial planning is crucial because it identifies your sources of income and expenses and establishes pretty your retirement budget, based on your personal plan. Saving money is very important before you retire.
ReplyDeletejaivis
1/2 credit.. WHAT DID YOU LEARN FROM THE MATERIALS?
DeleteI learned if you are planning to have a career you retire from you should have benefits such as having a personal plan to save money so you can enjoy retirement! Such as having a 401k and get social security benefits with the savings you have.https://www.investopedia.com/retirement/top-retirement-savings-tips-55-to-64-year-olds/
Deletejaivis
Jack Period 4
ReplyDeleteRetirement is the point in your life where you are ready to be done with your career and live without working. Now of course an individual cannot live in this world without many so you have to have a way to get money or have money. Many people start saving for retirement earlier in life so that they will not have to worry as much about it when they are older and so that they will have enough money for when they are older. There are many approaches you could take for a retirement plan. A couple of them are investing which means you will put some money into a roth IRA and it will grow overtime or you can have your own account that you are depositing a sum of money into every paycheck. People also get money from the government when they are retired.
Good overview of the topic. Can you elaborate on the Roth IRA?
DeleteI like your summary, and how you gave good examples
DeleteJanye