About This Chapter
Retirement & Estate Planning -- Chapter Summary and Learning Objectives
This chapter's lessons look at the pension, Social Security and potential financial issues of retirees. You'll also get information on wills, power of attorney and provisions that should be made for health care. Lesson quizzes allow you to test your knowledge, and you can even print out a worksheet to study when you are offline. These videos cover information including:
- Types of retirement and pension plans
- Social Security legislation
- Social Security cost of living adjustments
- Considerations of estate planning
|Understanding Retirement and Pension Plans||Learn about various types of retirement income sources, including pensions.|
|Social Security: Legislation and Issues||Examine laws and controversies regarding the Social Security program.|
|Cost of Living Adjustment: History & Formula||See how the Social Security cost of living adjustment works and how it got started.|
|Wills: Validity, Changes & Probate||Discover what constitutes a valid will and learn what probate is.|
|Estate Planning: Taxes, Trusts & Gifts||Get information on estate taxes and how to use trusts and gifts to allocate assets. Learn about the importance of a living will.|
1. 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.
2. Social Security: Legislation and Issues
Passed as part of the New Deal in 1935, the Social Security Act established benefits for retired and unemployed people. This lesson generally explains the Social Security Act and the Federal Insurance Contributions Act.
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 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.
5. 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.
6. Cost of Living Adjustment: History & Formula
In this lesson, the history and formula of the Cost of Living Adjustment is explored. You'll also learn how to apply the Cost of Living Adjustment to a Social Security benefit payment.
7. 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.
8. Interest in Real Property: Types of Estates
There are several different ways a party can own an interest in real property. There are possessory types of interests and non-possessory types of interests. This lesson explains the main types of real property ownership.
9. 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.
10. Transferring Property Rights to a Personal or Family Trust
Property rights can be held in a trust. In this lesson, we will learn about types of trusts and their advantages and disadvantages. We will also learn about the parties involved in trusts. A short quiz follows the lesson.
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