© South-Western Educational Publishing Chapter 15 Retirement and Estate Planning Planning for Retirement Saving for Retirement.

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Chapter © 2010 South-Western, Cengage Learning Retirement and Estate Planning Planning for Retirement Saving for Retirement 15.

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Presentation transcript:

© South-Western Educational Publishing Chapter 15 Retirement and Estate Planning Planning for Retirement Saving for Retirement

GOALS © South-Western Educational Publishing Lesson 15.1 Planning for Retirement Describe how your needs will be different at retirement than they are now. List the features of wills, powers of attorney, trusts, and joint ownership. Discuss inheritance, estate, and gift taxes.

© South-Western Educational Publishing Defining Your Retirement Needs How much income do you need? Keep the house or move? What type of investment strategy? What type of insurance? How do you beat inflation?

© South-Western Educational Publishing Estate Planning Tools Will Power of attorney Trust Joint ownership of assets

© South-Western Educational Publishing Will Executor Testator Holographic will Intestate Codicil

© South-Western Educational Publishing Taxation of Estates Federal estate taxes State inheritance taxes Federal gift taxes Federal/state income taxes

GOALS © South-Western Educational Publishing Lesson 15.2 Saving for Retirement Describe the features of personal retirement accounts, including IRAs, Keoghs, SEPs, annuities, and pre-taxed savings. Explain basic benefits available through employer- and government-sponsored pension plans.

© South-Western Educational Publishing Personal Retirement Accounts Individual retirement accounts (IRAs) Keogh plans Simplified employee pension (SEP) plans Annuities Pre-taxed savings

© South-Western Educational Publishing Employer-Sponsored Retirement Plans Defined-benefit plan Defined-contribution plan 401(k) plans 403(b) plans

© South-Western Educational Publishing Government-Sponsored Pension Plans Social security benefits Military benefits