Ch 10: Retirement Savings & Income Planning for Individuals

About This Chapter

This chapter is all about retirement savings and income planning for individuals. The lessons included aim to break down related terms, strategies, and general considerations for this form of financial planning.

Retirement Savings & Income Planning for Individuals - Chapter Summary

This chapter looks at various components of retirement savings and income planning for individuals. You'll learn about different options and processes while familiarizing yourself with related terminology and regulations. Topics covered include social security, medicare and medicaid, sources of income in retirement, and all of the following:

  • The steps and necessary calculations of retirement planning
  • Pension plans
  • Qualified retirement plans
  • Traditional and Roth IRAs
  • Forms of tax-advantaged retirement investments
  • Rules of minimum distributions for retirement savings accounts
  • Methods of retirement income withdrawal

The practice quizzes corresponding to each lesson give you the ability to keep tabs on your understanding subject-by-subject so you don't get lost in the material. These quizzes can be taken as many times as you feel necessary and can also be printed as worksheets. And, if you do get stuck at any point in the chapter, you can always ask our professional instructors for help via the teacher or help tab.

11 Lessons in Chapter 10: Retirement Savings & Income Planning for Individuals
Test your knowledge with a 30-question chapter practice test
Retirement Planning: Steps & Calculating Needs

1. Retirement Planning: Steps & Calculating Needs

In this lesson, we will examine considerations involved in planning for retirement. Additionally, this lesson will review the amount of income that retirement investing should provide, as well as how to calculate that approximate amount.

Social Security: Legislation and Issues

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.

Medicare and Medicaid: Definitions & Functions

3. Medicare and Medicaid: Definitions & Functions

This lesson will teach and define what Medicare and Medicaid are, what they are for, what they provide, and for whom they were established for. We'll also cover the four main parts of Medicare.

Sources of Income in Retirement

4. 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

5. 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 a Qualified Retirement Plan? - Rules & Options

6. What is a Qualified Retirement Plan? - Rules & Options

This lesson includes an overview of qualified retirement plans, including explanations of the two types (defined benefit plan and defined contribution plan), rules, and options regarding withdrawals, and penalties.

Traditional IRA: Definition & Benefits

7. Traditional IRA: Definition & Benefits

This lesson covers the definition of Traditional Individual Retirement Account (IRA), features of a traditional IRA and its benefits for retirement planning and taxes.

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

8. 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.

Tax-Advantaged Retirement Investments: Types & Definitions

9. Tax-Advantaged Retirement Investments: Types & Definitions

Many employees are familiar with IRAs and 401(k) retirement plans. But investors wishing to maximize the use of tax-advantaged accounts for retirement have more options than just those two. Let's review a few investments that offer tax advantages.

Required Minimum Distributions for Retirement Savings Accounts

10. Required Minimum Distributions for Retirement Savings Accounts

In this lesson we will review when a retiree must withdraw funds from a retirement savings account, and how much they must withdraw, as part of the required minimum distributions mandated by law.

Retirement Income Withdrawal Strategies

11. Retirement Income Withdrawal Strategies

In this lesson, we will discuss various retirement income withdrawal strategies that can be used to generate the most income and minimize the impact of taxes.

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

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