Purpose For A Retirement Plan

There are four basic divisions of financial management one planning, two controlling, three reorganizing and directing and four decision making. The reason for four separate divisions are based on the purpose of each task.

Planning tools may need to be adapted and terminology often needs to be changed so that it can be understood by the person. It is essential that the person’s preferred ways of communicating are taken into account so that they can play a full part in the planning process

1. Describe two examples of important things that financial planning skills can help you do, and explain why these things are important to you personally. (4-6 sentences. 2.0 points)

Planning is a function that is employed by every organization in projecting the future outcome of the firm. Successful firms achieve their goals through the use of different types of budgets. These budgets include, production budget, sales budget, labor budget and expenses budget. These budgets also show the targets that should be achieved by the firm within the budgeted time plan.

VII. Implement financial planning recommendations, or refer clients to someone who can assist them with plan implementation.

1. Describe two examples of important things that financial planning skills can help you do, and explain why these things are important to you personally. (4-6 sentences. 2.0 points)

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

B. Ballew and Mink (1996) stated the importance of documenting and formulating a client “service plan” is critical p.21. This record would aid in maintaining order and planning of short and long-term activities. Sharing this with members of the management team facilitates collaboration among each discipline encouraging the attainment of set goals.

Planning, just like saving for the future does not always come natural to a person and a lot of times has to be recommended by professionals. It takes personal discipline along with dedication to follow a good retirement plan. In order to achieve personal goals for retirement there has to be a plan of action to obtain success. Proper planning for retirement will also provide a positive outlook for that stage of life.

1. The process of creating a detailed plan to meet your financial needs and prepare for the future is called

4. Review –The proposed plan is then reviewed and if they find it inappropriate, it is then sent to propose again

These two literature also brings attention to the topic of retirement and the need for retirement planning and decision making. Chapter 14 points out the plans that the aged needs to consider when it comes to retirement. It describes two types of plans to be considered to include the defined benefit. With the defined plan workers receive a monthly benefit based on their years of service with an establishment and their prior earnings. Then there are the defined contribution plans that workers and/or employers make contributions into a fund, which is invested on behalf of the

Purpose: To inform the audience about how small sacrifices today can result in huge dividends in retirement.

However, the business owner can also attempt to operate his/her business by bootstrapping, which refers to the operation of an entity by using limited sources of capital (Gregory, n.d.). In addition, the financial factors should also include financial planning. Financial planning normally refers to the cash flow and income statement, balance sheet and breakeven analyses. Therefore, there are three major sections to an ideal business plan that are the organizational goals, the sales forecasts, and the financial factors.

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