About This Chapter
How It Works:
- Find the lesson within this chapter that corresponds to what you're studying in the Retirement & Estate Planning chapter of your textbook.
- Watch fun videos that cover the estate planning topics you need to learn or review.
- Complete the quiz after watching each video lesson to test your understanding.
- If you need additional help, rewatch the videos until you've mastered the material, or submit a question for one of our instructors.
You'll learn all of the estate planning topics covered in the textbook chapter, including:
- SEP IRA
- ROTH IRA
- Rollover IRA
- Keogh Plan
- Living wills
- Planning for estate taxes
Focus on Personal Finance is a registered trademark of McGraw-Hill and is not affiliated with Study.com.
1. Saving for & Estimating Retirement Costs
After reading this lesson, you will get a better idea of how you can calculate your retirement needs. Learn what calculations you need to determine your financial needs along with way to decrease your needs.
2. Sources of Income in Retirement
In this lesson, learn several key ways that older adults pay their bills after retiring from work. You'll see how people can have different experiences in funding their retirement.
3. Understanding Retirement and Pension Plans
Businesses use many different types of retirement plans for their employees. Two of the most common are pension plans and 401(k) plans. This lesson discusses these two kinds of retirement plans.
4. What Is OASDI? - Definition & Benefits
Have you ever seen the letters OASDI on a paycheck? It's better known as Social Security. Let's take a look at what this program is and what benefits it offers.
5. What Is a SEP IRA? - Definition, Requirements, Rules & Contributions
This lesson provides an overview of a SEP IRA, a retirement plan typically used by small businesses. In the lesson, you'll get a definition of the term and see an outline of the requirements, rules, and contributions.
6. What Is a Roth IRA? - Definition, Rules & Benefits
Explore the concept of a Roth IRA - an account that can potentially lead to tax-free growth. This lesson will define a Roth IRA and explain the associated rules and benefits.
7. What is a Roth IRA Conversion? - Rules & Limits
Explore the concept of a Roth IRA conversion - a concept that can potentially turn future taxable income into tax-free income. This lesson will define a Roth IRA conversion and explain the associated rules and limits.
8. What is a Rollover IRA? - Definition, Rules & Sample
This lesson will define a rollover IRA, or an individual retirement account. This lesson will also explain the rules associated with a rollover IRA and a sample will be given.
9. Spousal IRA: Definition & Characteristics
Learn what a spousal IRA is in this lesson along with how it provides for families with just one income. You will see that there are both tax benefits and personal benefits that come from having a spousal IRA if you qualify.
10. Education IRA: Definition & Characteristics
College costs a lot of money, and many parents want to save for their children's college education. One option that offers tax breaks is an education IRA. In this lesson, we'll explore what an education IRA is, and how it differs from a 529 savings account.
11. Keogh Plan: Definition, Pros & Cons
Read this lesson to learn how self-employed individuals can save for their retirement. Learn about the federal government's provision for opening up a retirement savings plan for those that work for corporations.
12. Estate Planning: Taxes, Trusts & Gifts
In this lesson, we'll discuss the estate planning process and define the following terms: assets, beneficiary, and will. You'll also learn about the benefits of trusts and gifts as they relate to estate and gift taxes.
13. Wills: Validity, Changes & Probate
A will is a list of a person's last wishes and describes how assets are to be distributed in the event of death. When a person dies, the will goes into probate to execute the wishes of the deceased.
14. Wills: Formats & Types
A will is a very important document not only for the person that dies, but also for the family and friends of the deceased. Read this lesson to learn about the different types of wills you can choose from.
15. Living Will: Definition & Components
Learn how a living will answers questions for you when you are not able to due to a serious illness or otherwise. After reading this lesson, you will understand how useful a living will can be for you and everyone else around you.
16. Types of Trusts
In this lesson, we will introduce four types of trusts, which are living, testamentary, credit-shelter, and disclaimer trusts. The lesson will describe characteristics of each, which will show how they differ from the others.
17. Planning for Estate Taxes: Types & Overview
In this lesson, you will learn about estate planning. Specifically, you'll learn about estate, inheritance and gift taxes, and how certain tax credits can save you a lot of money when it comes to transferring your wealth to the next generation.
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Other chapters within the Focus on Personal Finance: Online Textbook Help course
- Ch. 1: Personal Finance Planning
- Ch. 2: Money Management Skills
- Ch. 3: Taxes in a Financial Plan
- Ch. 4: Financial Services
- Ch. 5: Consumer Credit
- Ch. 6: Buying Motor Vehicles
- Ch. 7: Financing Housing
- Ch. 8: Insurance
- Ch. 9: Health & Disability Insurance
- Ch. 10: Planning with Life Insurance
- Ch. 11: Investing Basics
- Ch. 12: Investing in Stocks
- Ch. 13: Investing in Mutual Funds
- App. A: Education Loans & Scholarships
- App. B: Career Search Strategy
- App. C: Consumer Agencies & Organizations
- App. D: Daily Spending Diary