Day 24 (PF)

BUDGET CHALLENGE–RETIREMENT INVESTING

In this lesson, students learn about saving for retirement. Several key ideas are introduced. Students see the value of starting early and the power of compound interest and examples are provided to reinforce the idea. Students learn about tax-deferred savings and investment and the advantages of using designated retirement savings plans. Different plans are described and special attention is paid to the various employer-provided savings options. The terms saving for retirement and investing for retirement are used interchangeably. A simple definition of savings is putting aside money in a safe place with the intention of spending it when you have enough saved. Investing is putting aside money to make more money. Planning for retirement requires both and it is common to see either term used in the financial press.  As the first lesson suggestion shows, saving alone for retirement is almost impossible. That is why starting early, making regular contributions, generating a reasonable return on investment along with compounding over time is the path to a secure retirement.

Before you leave class today you will learn about:
  • Saving for retirement (CW3.1)
  • Compound interest (CW3.2)
  • Sources of retirement income (CW3.3)
  • Benefit plan restrictions (CW3.4)
  • Investing Tools (CW3.5)
  • Tax Considerations (CW3.6)

RIGHT NOW:

  1. Log in to your Budget Challenge account
  2. From your Dashboard under Written Tests click  VIEW DETAILS and next to (CW3) RETIREMENT INVESTING click UNIT MATERIAL
  3. READ EVERYTHING & WATCH ALL THE VIDEOS!! TODAY IS A LEARNING DAY!!
  4. Once you feel like you know everything there is to know from the Unit Materials, take the quiz–you do not have to do this today!! REMEMBER: USE THE UNIT MATERIAL TO HELP YOU LOOK THE ANSWERS UP!! THIS IS NOT CHEATING!! YOU ARE LEARNING!!! I would right click the UNIT MATERIAL button and open it in a new tab so it is easier to answer the questions by looking up the answers in the Unit Material. NOTICE THE DUE DATE FOR THE QUIZ. ALSO, THIS GRADE WILL GO IN THE TEST/PROJECT PORTION OF MY GRADEBOOK!!

SAVING FOR RETIREMENT ACTIVITY: You may work with a partner for this.

  1. Open this Google Doc and immediately make a copy with your name in the title and share it with tracyweber@bellevue.k12.ia.us: https://docs.google.com/document/d/1ak135LnFQ3NIjhHw8HLrgZxf5N6WYxiiZNB95Fq1_nc/edit?usp=sharing

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