Case Study : A Chartered Retirement Planning Counselor

Whew, where to start? The personal finance class through Dame Ramsey’s Foundations in Personal Finance textbook and video series really had a lot of useful information, and it is hard to pick out the most impactful chapters and topics. However, I think the most important stuff for me was his five foundations for financial success, which were reinforced throughout the course. I am not downplaying the other important stuff in the course, including learning about the history of credit, budgeting, consumer awareness, investing, insurance, and taxes, but I think that mastering the fundamentals is important, which is why I am choosing to highlight them in this paper.

This course provides an overview of the elements necessary for effective personal financial planning and the opportunity to apply the techniques and strategies essential to this understanding. Primary areas of study include creating and managing a personal budget, understanding and paying taxes, working with financial institutions, wise use of credit cards and consumer loans, financing automobiles and homes, and the use of insurance for protecting one’s family and property.

M.Q. said that she considered herself retired at 64. However, she began planning for her retirement almost thirty years prior, at the age of 38. As M.Q. was a registered nurse, she did not start a 401 K. Instead, she started a 401 B. One of M.Q.’s chief joys and complaints about retirement is all of her free time. She enjoys it because it lets her spend more time with her extended family, her husband, and her dogs. She dislikes it because she often finds herself

The majority of people age 65 or older in the United States are still working in full time positions. This opens the question if they planned for retirement, or what if anything went wrong while working? How do they feel about still having to work? Have they taken proper steps in preparing for retirement? Are they only working to pass time? These are the questions that everyone should be asking themselves about their own retirement plans, and what they have done to financially prepare for that stage in their life.

Costa, D. L. (1998). The evolution of retirement: Summary of a research project. The American Economic Review, 88(2), 232-236. Retrieved from https://search.proquest.com/docview/233045640?accountid=41759

Envision feeling cold, starved, petrified, and alone, just getting home to find an eviction notice, perhaps a letter of foreclosure hanging from the door. As the room goes grey and begins to spin, four words begin to echo in the background, “Is this really happening?” All resources are exhausted and Social Security proves ineffective. Fear has taken over. Thoughts of life in a shelter cloud the room. The bills are piling high, as bank accounts begin to dwindle. Unfortunately, this is the harsh certainty of many people in the aging community. Retirement is a critical life event that everyone has to undergo, through being unprepared, many fall victim to poverty in old age. Individuals should utilize Individual Retirement Accounts,

So, Long Term Care Is another key component of retirement planning. Currently, people are living longer thanks to better medicines. Which, in a way this is a bad thing because these individuals typically don’t have the money to afford this. That is why first, I plan on saving extra money, so that if I do happen to outlive my money, my loved ones can have a larger inheritance. However, there are other steps that I plan on taking advantage of.

Retirement? Try asking the people, now, in their mid sixties about that nightmare. “ There was a time when most middle-class Americans could work until they were 65 and then look forward to a financially secure retirement,” (Eskow). As for most individuals, in order to retire, a person must have been working. For most, a job would require going to college; a satisfying job would require a more advanced education. A more advanced education would call for longer payment of student loans. “Education for every American that wants to get ahead? Forget about it.,” (Eskow). With the rising need for education, of course, the price will also rise, and has been rising. Retirement comes into play with the people that were born into money, who have

Financial goals are important to Ms. Tau as she continues to try and prepare for retirement, increase savings, and pay off debt. She also hopes to begin a college fund for her eldest granddaughter, who will be graduating in five years. Ms. Tau has maintained putting $97 a month into her employee retirement plan, which currently has accumulated $115,500. Additionally, $200 a month goes into her liquid savings. She is attempting to save $18,000, which amounts to a 6-month income safety net. Ms. Tau is working toward paying off her personal loan of $34,650 and

Gradually, the Social Security Administration has grappled to accommodate a host of novel demographic trends, namely those impacting the retirement sector of the American population. Continuously, with advances in the medical realm, the senior population is steadily extending its lifespan, and thus, retirement altogether, introducing a wealth of new economic considerations. As human longevity increases, the Social Security system proves increasingly unsustainable, specifically in the pension department-among other areas. As workforce involvement declines with age, the budgetary deficit and low supplementary funding plague the social security system. Unless crucial economic reforms are made, the present rate of pension disbursement will

Charner, Ivan, Shirley Fox, and Lester Trachtman. Union retirees: enriching their lives enhancing their contribution. National Institute for Work and Learning, 1988.

Many people have no idea of what they expect to achieve after retirement when asked about their retirement plans. The government’s policies about retirement do not cater for the well-being of retirees creating a lot of worry for the life after employment. The increasing number of employees demanding cover by government pension programs and the current decline in the retirement income levels contributes to the change of the American pension landscape (Heiland and Li, 2012). The United States of America developed labor laws during the time when the country’s economy was independent and self-contained. The main aim of U.S. labor policy was to get rid of different challenges affecting employees and improve their lifestyle in order to enjoy working in a suitable environment. Additionally, the labor policy aimed at protecting American workers by law and protecting certain human rights. According to Dugas (2013), despite the growing economy in U.S. more than 28 percent of American workers lack confidence with the current labor policy on retirement. The research conducted by the Employment Benefit Research Institute (EBRI) in 2013 revealed that most workers are not sure of saving money for retirement. The above information calls upon a recommendation of labor policy about retirement that would fulfill the demands of workers. The proposed policy will bring change to the Public Employees’ Retirement Fund

We all are currently aging. We live in an again paradox. But, it is what we choose to do with our time while we have it that counts the most. As a young adult, and before this class I was very unaware of the importance of planning your retirement as early as possible. There are many things that go into planning for a successful retirement. Such as, but not limited to: Where will I choose to live? What will I do to stay mentally active? Or even, when will I choose to retire. In this paper, I will go over a plethora of aspects for my personal plan for aging.

Social Security is a major concern in American society today. Social Security first started in 1935 under President Roosevelt when he signed the Social Security Act that provided the elderly with guaranteed retirement income. In 1939, benefits for spouses, dependent children of retirees, and survivors of workers who die before retirement were implemented by congress. In the 1950’s, disabled workers were also given benefits. Now days, Social Security is under close scrutiny. Funds are depleting, and Social Security is in need of some serious revamping. Many solutions have come forth, but the most workable plan is to create privatized investment accounts that allow individuals to have more influence over their own money for retirement.

As being part of the HR benefit specialist team, our management team has given our department a task on coming up and creating a proposal that will include useful information based on an important topic which revolves around retirement plans that will be offered to the 150 employees that are employed with this company. As we all can be aware, when dealing with retirement benefits there are many sources where employees themselves can receive information on this particular matter which some include Disability Insurance, Social Security Old-Age, IRAs/Roth IRAs, Employer-sponsor contribution plans just to name a few. From these mentioned resources we will be discussing and focusing on three important retirement plans that most employees tend to rely on when working with an employer. Other areas that will also be discussed will be pension plans as well as contribution plans, profit sharing and last but not least 401K.