Economic Security – Retirement

Economic Security – Retirement take a big breath and go SLOW… it just looks overwhelming! Read through it first then tackle a section at a time.

 

Assignment: (READ THIS CAREFULLY!!) You will earn a grade REDUCTION for not following directions (and this also means for not

following the calculation directions)!!

1. -watch the 4 videos provided

-Read Chapter 10: Economic Well Being (PDF Provided)

CALCULATION SECTION (1,2 & 3)

1.FIRST you need to determine how old you think you will be when you retire? You MUST decide on an age

for this assignment (HINT: right now, you will need to be 67 to collect full Social Security Benefits. Once you

have an age, then RUN a CALCULATION (link–>) https://www.yourmoneypage.com/retire/retirecnt.php ….

HOW MANY DAYS do you have until retirement – (helpful HINT: run the calculator using AGE).. Record the

results! You will need them for the written portion.


2.Now lets see how much you have to save for retirement. Go to the (link–>)

How much will I need to save for Retirement Calculator

(http://www.calcxml.com/calculators/retirement-calculator) and follow these directions:

a) put in your CURRENT age.. (23)

b) For your salary amount, I want you to use either what you are already in the workforce OR the median salary for

2021 ($50k). The AVERAGE professional salary for 2021 is around $70k, service occupations are averaging $34k

annually. Unfortunately, there is still the glass ceiling and women are making less than men in the same job!

Remember… these figures are medians (in the middle)… so If you think you’ll be making $100k, then use that amount.

If you plan to make $1million a year, then by all means, use that figure

  • Let’s look at this differently….so the AVERAGE salary for 2021 is roughly $70,000… many of you still have 40 years to work before you retire… if we calculate the average salary to 2060, with inflation, the average salary will calculate to $228k using a Forward Flat Rate Inflation Calculator –> https://www.calculator.net/inflation-calculator.html… (in other words, your kids will be making $228k in 40 years which is equivalent to the 2021 average salary of $70k)
  • I know… you’re thinking.. wow, that’s crazy, however, the AVERAGE salary in 1970 was $7,000 (YES, 7k)…. the AVERAGE salary in 1980 was $19,170 per year.
  • AND Remember, things are going to be more expensive. The AVERAGE new car cost in 1970 was $3,542 (and $7,210 in 1980)… The AVERAGE new car cost today is over $30,000…. OMG… what will a car cost in 40 years. You’ll be one of those people saying to your grandkids… oh, I remember when you could buy a cup of coffee for under $5 at Starbucks… ahahahah (TRIVIA: when I got my first car, gas was 50cents a gallon and I paid under $2k for a new Toyota Corolla)

let’s keep going with the calculator…..

c) If you already have any retirement savings, add it…. if not, leave this blank

d) the inflation rate: use 2% for this assignment (right now, inflation is low… which means we are making little interest on investments).

e) input your desired retirement age that you calculated in the above question. (remember, the earlier you retire, the longer your money has to last you!!)…….

f) you’ll have to do some math here… use your Living to 100 age from your previous assignment and SUBTRACT your retirement age to get the figure for Number of Years of Retirement Income….. (example: you want to retire at 67 and you are going to live until 85, then you are going to need to save enough money to support you for 18 years)

( MESSAGE for TUTOR: I DID THIS PART ALREADY, I WAS GIVEN AGE 89)

g) experts suggest between 80 – 100% replacement rate for retirement… I suggest using 80% but you can use 90% if you want to be conservative and don’t like RISK…. (this means that if you are making $200k a year when you retire, you will need $160k (80%) a year in retirement to live the same lifestyle.. think: pay rent/mortgage/property tax, health insurance, taxes, gas, food, utilities, travel, going to the movies, treat for the grandchildren, etc)

h) keep the investment return where it is…

i) and you can leave the Social Security projected benefits question blank!

Save the RESULTS…. Write them down for your paper!!


3.Now let’s think about all the little things that we spend money on… think WANT vs NEED….. did you go to Starbucks today? Do you smoke? Run through the car wash rather than wash it at home? Swing by the Dispensary? Pay for parking instead of walking farther? Grab some fast food? Throw out food in your fridge because it spoiled before you ate it? Buy another song or app or game for your computer/phone? Shopping expense (ULTA, Amazon, click sites, expensive presents for friends/family)? We all can SAVE a bit more than we currently are.

  • Have you ever heard of the LATTE FACTOR? Let’s give it a try….
    • FIRST... think of something that you spend money on every week (that is more of a WANT versus a NEED)…. and do the calculation:
      • Example: let’s say instead of going out to eat, you brought your lunch to work/school and saved $10 a day (you can use the amount you might spend by driving thru for fast food instead of cooking, or buying an app or game, buying make-up, getting a manicure, buying more clothes, the list is endless…) … NOTE: if you are NOT spending money now, either think back to before Covid, or think about what you would WANT to spend on if you had the funds.
    • SECONDLY: Okay, now you have a Dollar Amount… so rather than spend it, you SAVED that money and put it away in an investment account… the Stock Market has AVERAGED over 10% since it began…. so use 10% in your calculation… AND put in the number of years you are going to save (this should be the number of years you have to work until you want or CAN retire… example: you are 22 and want to retire at 67.. that would be 45 years in the work world).
  • NOTE: I want to know how much you spent total AND I want you to provide your results WITH the possible INTEREST, don’t just tell me the amount of money you spent, I also want you to include what would it be with interest too!.

 


NOW THE WRITTEN ASSIGNMENT: This is what you need to WRITE: (unfortunately, really short answers that don’t thoroughly answer each question are going to result in point loss!!)

Now I want to know what YOUR retirement plan is? LABEL EACH!!! A, B, etc.

A) – (you will have 2 bullets x 2 points each)

  1. What age did you pick for your desired retirement and tell me WHY did you pick this age… (you plan to inherit a trillion dollars, winning the lottery, working till you drop? WHAT?).
  2. How many days do you have to work till retirement (this is the result from the calculator above)? What do you think about this? Thrilled that you have time to work because you love it? Scared because you want to retire and this is too short of a time period?

B) – (you will have 3 bullets x 2 points each)

  1. What was your Livingto100 Age (previous assignment)? (full sentence!!)
  2. What did you calculate for the “number of years of retirement income” you will need? This is from the CALCULATIONs above (Q2 where you did the calculator) (full sentence!!!)
  3. now what do you think about this amount for this many years? Can you stick to their suggestion? Are you worried (and relate to the posted videos too)? What if there is no Social Security ? What if you are supporting a house, your kids, AND your parents?

 

C) – (you will have 4 bullets x 4points each)

  1. WHAT did you decide that you spend money on you could do without… this is what you used for the Latte Factor calculator… this should be a WANT that you can cut out of your current spending (how much is your cellphone bill? netflix? amazon? eating out or buying coffee? boba? smoothies? Uber? fast food when you could be bringing your lunch to work/school, SOMETHING!) NOTE: If you are being supported by someone else, pretend that YOU are footing the bill…yeah, your parents are buying your toilet paper right now, but eventually, you’ll have to buy it!
  2. What amount did you use for the Latte Factor calculator and how much did the calculator indicate you would save (tell me the number of years you are going to be saving)… were you surprised? can you do it? (I want the total amount you will spend AND the total amount with Interest from the calculations)
  3. have you already started to save? Why? or Why NOT? Are you currently taking advantage of any retirement plans at work? why? why not? Did your parents set anything up for you when you were young? Tell me what your current savings routine is…. or isn’t!
  4. AND I want you to relate your spending/saving to the videos… reference something SPECIFIC in the videos that is making you think about your spending habits.

 

D) – (you will have 4 bullets x 3 points each)

  1. I want you to tell me about the posted videos. … Pick FOUR of the videos from the homepage (TOTAL 4 reviews). I want you to think of a WOW moment ( don’t forget to reference SPECIFICS that you found in the videos AND the article) and WHY it was a wow moment and WHAT you think about it. … Think about: what stood out to you… It needs to relate to the topic of the video and DO NOT just tell me “it was a wow moment because I didn’t know that”… . ). REMEMBER… you will have 4 bullets for this section
  2. E) (you will have 4 bullets x 1.5 points each)
  • Now…. Wrap it all up with a conclusion paragraph (USE BULLETS!!! you will have 4 bullets).
    • Have you even thought about this topic before? Why? why not?
    • How are you feeling after this assignment? Tell me your thoughts about this whole assignment.
    • AND are you worried about your parents having enough retirement savings (do they have any? are they going to live with you?)
    • Do you have any recommendations for yourself?
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