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Ch 14: Ch. 14: Retirement & Estate Planning

About This Chapter

The Retirement & Estate Planning chapter of this Focus on Personal Finance: Online Textbook Companion Course aligns with the same chapter in the Focus on Personal Finance textbook. These simple and fun video lessons are about five minutes long and help you learn the essential lessons about estate planning, retirement and wills.

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.

Chapter Topics

You'll learn all of the estate planning topics covered in the textbook chapter, including:

  • OASDI
  • SEP IRA
  • ROTH IRA
  • Rollover IRA
  • Keogh Plan
  • Living wills
  • Planning for estate taxes
  • Trusts
  • Wills

Focus on Personal Finance is a registered trademark of McGraw-Hill and is not affiliated with Study.com.

17 Lessons in Chapter 14: Ch. 14: Retirement & Estate Planning
Test your knowledge with a 30-question chapter practice test
Saving for & Estimating Retirement Costs

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.

Sources of Income in Retirement

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.

Understanding Retirement and Pension Plans

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.

What Is OASDI? - Definition & Benefits

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.

What Is a SEP IRA? - Definition, Requirements, Rules & Contributions

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.

What Is a Roth IRA? - Definition, Rules & Benefits

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.

What is a Roth IRA Conversion? - Rules & Limits

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.

What is a Rollover IRA? - Definition, Rules & Sample

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.

Spousal IRA: Definition & Characteristics

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.

Education IRA: Definition & Characteristics

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.

Keogh Plan: Definition, Pros & Cons

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.

Estate Planning: Taxes, Trusts & Gifts

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.

Wills: Validity, Changes & Probate

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.

Wills: Formats & Types

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.

Living Will: Definition & Components

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.

Types of Trusts

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.

Planning for Estate Taxes: Types & Overview

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.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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