...Renee Kelly Week 3 Assignment OUTLINE Topic: “In the United States, we do not need to plan for retirement. Social Security will cover our needs when we are retired.” Thesis: Retirement is a time to break away from a hectic schedule and enjoy life. Retirement also can be a time of change and unexpected challenges. Planning for retirement with a solid financial investment is the key to providing financial security for life’s “golden years.” Relying solely on Social Security benefits to fund your retirement will place your financial security at risk. Organization: Order of importance. Purpose and audience: To show a solid financial plan for retirement is possible at any age, and the importance of not relying on Social Security as a sole means of taking care of day-to-day expenses. This essay is intended for an audience interested in learning how to make wise choices for their retirement, especially those who are planning to rely on Social Security benefits only. I. Relying solely on Social Security to fund for retirement may be a recipe for financial failure. A. Current research states the Social Security fund may be depleted of funds by the time most people are ready to retire in the next ten (10) years. B. Provide government statistics indicating current rate of payouts as opposed to program’s available funds. C. Current economic research showing of increasing...
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...Personal Financial Planning “Personal financial planning is only applicable to those nearing retirement”. How true is this statement? For instance, personal financial planning is only suitable for those who are nearing retirement and not for other age groups of people. We do not really agree with that statement. Because people in different lifecycle are indeed requiring different kind of needs and wants in their life, thus, financial planning is important for everyone who wishes to achieve their financial goals. In addition, when there are existence of needs and wants in our life, everything would cost us money because money is the medium of exchange in this era. Due to this matter, meeting the rising cost of living and improving the standard of living would be a problem when we do not plan our financial side carefully. Everyone wants to have a luxury life, good car, delicious meal and many mores but without a proper planning, it is impossible for anyone to achieve these goals. Therefore, a personal financial planning is vital especially for those who started to join the work force and also those who are retiring. What is personal financial planning mean to you? Personal financial planning can be defined as a systematic process that considers important elements of an individual's financial affairs in order to fulfill the financial goals. Basically it also includes the well preparation of the cash flow movements, priority allocations on the needs and wants, and many more. ...
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...Financial Planning Process 1.1 Facing Financial Challenges 1) Once a sound financial plan is in place, there should be no need to ever change it. Answer: FALSE Diff: 1 Topic: The Financial Planning Process AACSB: 3. Analytical skills 2) When comparing two different investment opportunities the investor should always choose the investment that minimizes the total amount of taxes paid. Answer: FALSE Diff: 2 Topic: Minimization of Taxes AACSB: 3. Analytical skills 3) Being financially secure involves balancing what you earn with A) your investments. B) what you spend. C) your retirement plans. D) your current level of debt. Answer: B Diff: 1 Topic: Financial Planning AACSB: 3. Analytical skills 4) In order for your financial plan to be realistic and attainable it needs to be based upon your A) budget. B) income level. C) number of tax deductions, exemption, exclusions, and credits. D) balance sheet. E) none of the above Answer: B Diff: 2 Topic: Financial Planning AACSB: 3. Analytical skills 5) Personal financial planning can help you to A) deal with unplanned health issues. B) minimize your tax payments to Uncle Sam. C) minimize your chances of personal bankruptcy. D) have enough money for a comfortable retirement. E) all of the above. Answer: E Diff: 2 Topic: Financial Planning AACSB: 3. Analytical skills 6) What are common factors found in an effective financial plan? A) Effective financial plans should be...
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...financial well-being. An assessment of your situation can help define your present financial status as well as prepare for future planning, saving, spending and dealing with financial emergencies. Preparation for changes and challenges to finances can contribute to increased financial security. ------------------------------------------------- Assessing and Managing Your Financial Situation: Detailed Information This information is meant to be a general introduction to this topic. The purpose is to provide a starting point for you to become more informed about important matters that may be affecting your life as a survivor and to provide ideas about steps you can take to learn more. This information is not intended nor should it be interpreted as providing professional medical, legal and financial advice. You should consult a trained professional for more information. Please read the Suggestions and Additional Resources documents for questions to ask and for more resources. Cancer and its treatment can leave a survivor with need to review current and future financial goals. Dealing with financial matters might seem overwhelming. However, an assessment of your current situation can help define your present financial status, as well as prepare for future needs. Planned spending may help you avoid financial problems and be better prepared to deal with unexpected emergencies. As a survivor, you are likely to be very aware of how quickly and unexpectedly life can change. Events such as...
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...outline Mr. Tom Ho's financial status and standing in order to create a financial plan capable of achieving Mr. Tom Ho's life and financial goals. This proposal will address the action plans from several key and fundamental financial aspects, namely, insurance and risk management, savings and investments, education planning, retirement and estate planning and also, tax planning. The action plans and recommendations shall act as a guide in assisting Mr. Tom Ho to achieve sufficient financial protection, lower tax burdens, increased investment (passive) income, good retirement planning and also proper estate planning. The financial plan outlines all the financial planning and strategies that are designed and developed to: • Help to set aside an emergency fund preparing the client for unfortunate events and mishaps. • Provide client with budgeting plan and cash flows planning to support client and family's current lifestyle. • Help client in accumulating sufficient retirement funds to support him and his spouse's retirement lifestyle and needs. • Establish a profitable investment portfolio with balanced assets allocation according to client's risk profile and prospect analysis report. • Assist client in reducing client's tax burden by utilizing tax reliefs and other tax savings methods and strategies. • Distribute client's wealth by using appropriate estate planning tools and strategies when client departs. • Reduce and settle out housing...
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...Military Retirement Ceremony Keller Graduate School of Management PROJ 595 – Project Risk Management Phillip Thatcher October 24, 2014 Edward Yerington TABLE OF CONTENTS Project Risks for Planning a Military Retirement Ceremony Course Project Part I ………………………………………………………………………………………….3,4,5,6,7,8,9 Introduction……………………………………………………………………………………………………………………………10 Decision Tree Analysis……………………………………………………………………………………………………………11 Discussion of Decision Tree…………………………………………………………………………………………………..12 Fault Tree……………………………………………………………………………………………………………………………….13 Discussion of Fault Tree………………………………………………………………………………………………………..14 Conclusions…………………………………………………………………………………………………………………………….15 Works cited…………………………………………………………………………………………………………………………….16 Introduction The Project Manager or the Commanding Officer of this project is responsible for the implementation of the Project Risk Management Plan. A formal detailed plan is required for these large complex and high-risk projects. These projects require a specified treatment plan to monitor and control risk. However, for smaller less complicated projects the risk plan is usually combined into the daily operations of the project tasks. In which I will assign to the appropriate sections. Such was the case for the planning a Military Retirement Ceremony. This report will discuss how risk were identified, prioritized and monitored for the project of planning of the Military Retirement Ceremony...
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...Retirement Essay It is important for our generation to start preparing for our future as early as possible. During this economic crisis it is difficult to predict our job security as well as our future finances without proper planning. Over the last couple of years we have seen the implications of what can happen to those who do not take actions to secure their finances. For those of us who are in the military we have a bit more control over our job security as opposed to those who are not. Most of us can expect to have a steady income for at least the twenty years should we choose to make the military a career. You should be saving at a minimal fifteen percent of your income each month to prepare you for your future. I recommend that you save ten percent of your gross income for your retirement and the other five percent for your long-term goals. There are many benefits to be had once you start saving such as a substantial savings for your retirement, money to purchase a home, and money for your children’s education. It is often said that the average person’s savings should have enough funds to cover at least six months of your rent or mortgage. It is important for you to start saving early so that you can provide for your family in case of unexpected emergencies, retirement, and future plans. You do not want to rely on high interest credit cards or pay day loans to get you out of a situation. These will only put you further in debt. The sooner you start saving...
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...enough to pay for everything you need, why should you worry about putting any aside each month? There are a variety of reasons to begin saving money. Different people save for different reasons. You can start by saving ten percent of your income each month. Here are seven reasons that you may consider saving your money. Eddie Hironaka/ Photographer's Choice/ Getty Images 1 . Save for Emergency Funds It is important to have an emergency fund set aside to cover unexpected expenses. This could cover an unexpected car repair, your emergency appendectomy or a sudden job loss. Ideally your emergency fund should be about three to six months of your expenses. If you are just starting out you should put aside at least $1000.00 for this. In addition to your emergency fund you need to make sure you have a plan and good insurance in place to help you survive the unexpected financial events in your life. 2 . Save for Retirement Another important reason to save money is your retirement. The sooner you start saving for retirement, the less you will have to save in the future. You can put your money to work for you. As you continue to contribute overtime you will be earning more interest on the money you have, then you put in each month. You should at least be contributing up to your employer's match and eventually you will want to contribute ten to fifteen percent of your gross income. 3 . Save for a Down Payment for a House A third reason to save money is for a down payment on a house...
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...home. The things you want in your future depend on sticking with your financial goals. 1. Emergency Fund While it's painful to consider, you could lose your job at any moment. Nobody ever plans on losing their job, but you can save money to cushion yourself in case of this kind of traumatic event. It can take up to 6 months to find a new job and get settled into the new position. so your emergency fund should cover 6 months of your current salary. 2. Start Thinking Retirement As you're considering that emergency fund, it's time to start thinking about your retirement. Whether you're...
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...Ten Easy Steps to a Successful 401(k) For the majority of working Americans, the most common vehicle for owning mutual funds is through their employer's retirement plan, but very few people are making the most of this mainstay of retirement planning. Over the holidays, I had occasion to socialize with a group of very bright, successful people who are saving for retirement. We talked of many things, including their investments. And, sad to say, not one of them could coherently explain what he or she was doing, and why. Everybody, it seems, wants a quick, easy answer. And for those who are unwilling to take the trouble to figure out what they should be doing, the easy answers usually come from slick sales pitches and superficial media hype about the hottest stocks, funds and managers -- as if successful investing were a popularity contest. That's the bad news. The good news is that investors can manage their 401(k) plans to make their retirement money work much harder for them. Lots of people spend at least a dozen hours planning a vacation. I often wonder why so few are willing to spend a dozen hours managing their retirement assets. The following ten steps to 401(k) success shouldn't take more than a dozen hours. If you're young, they could put an extra $2 million into your retirement fund. Even if this job requires a total of 100 hours, that's a payoff of $20,000 an hour -- for work you can do at home in your spare time. Let's start with the most basic guideline of...
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...Of all investable assets, the overall fixed income to equity ratio is 33% fixed income and 67% equities (33/67). • John’s Social Security statement shows him receiving $1,600 month at age 66; Joan’s shows $900 at age 66. Why develop a plan? By developing a financial plan, Me and my family: • Will have a better understanding of your current financial situation. • Determine attainable retirement, education, insurance, and other financial goals. • Review goals, funding strategies, and alternatives where goals have to be compromised. • Have the necessary financial resources set aside to fund your goals as they occur. • Reduce the effect of unexpected events, such as disability, premature death, etc. Planning is a life-long journey. For the planning process to successfully work, changing circumstances or life stage requirements must be factored in. When working with a financial advisor, he/she will want to know when personal or financial events occur to clarify whether your goals are affected and if there are new decisions needed. Some things that will assist in the planning process are: • Know what you are worth • Creating a paperwork system • Organization • Living below my means When do we review the plan? Having a plan in place will give you a better understanding of your financial situation, regularly reviewed and updated, the likelihood of achieving the results are...
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...Personal Budget Summary and Findings ACC 547/Taxation Michael De Marco Personal Budget Summary and Findings Memo DATE: October 1, 2012 TO: Henry and Mary Jones FROM: RE: Follow-up on Financial Planning Meeting It was a pleasure to meet with both of you to discuss your personal finances, your financial dreams, and concerns. As we discussed, being in control of your personal finances, and not your finances being in control of you, is very important. When you are in control of your finances you can achieve your financial goals and comfortably provide for you and your children. Below is a summary of my findings and recommendations for you to help achieve your goals. You will also see attached your personal budget that you provided and the balance sheet and cash flow statement I created based on the financial data you provided me. Summary of Facts Henry is 37 and Mary is 38. Henry and Mary have two sons, ages three and one. Henry has a high school education and Mary has a master’s degree in Library Science. Henry is a truck driver for a major oil company and earns a yearly income of $95,000. Mary works as a librarian for the local school district and earns a yearly income of $50,000. Two major concerns regarding Henry and Mary’s financial position is the lack of savings and debt. They have very little money in savings and a large amount of debt. Their goals are to pay off their debt and fully fund college funds for both their children. Summary of Key...
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...asset class, a benchmark of expected performance has been performed. If the current stocks held in that class are underperforming the class in general, they should be sold and replaced with positions that better represents the asset class. Then purchasing patterns will be changed to add asset in the other classes that are currently not represented in your portfolio. The net result will be a well balance asset allocation that is representative of moderate risk tolerance. James and Lucy currently hold over one million dollars in real estate and have a relatively small equities portfolio. The Anderson’s IRAs and non-retirement assets are concentrated in small and mid cap growth and cash. RECOMMENDATIONS James and Lucy have a significant income and monthly net cash flow. We recommend that you begin contributing to your retirement and non-retirement accounts...
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...events * Join a swimming club * Join a gym * Take part in volunteering 2. Three news in financial planning (the importance in HK) * http://www.scmp.com/news/hong-kong/article/1657271/insurance-company-targets-elderly-hong-kong-new-health-insurance 3. Question list about how to approach someone. Job/career | Family | Personal Goals | Financial Status | What’s your background? | How big is your family? | How satisfied are you in work? | How do you finance your current expenses? | Where do you work? | Are you staying with your family? | Where do you see yourself in the next five years? | Total number of family members working in HK? | Which place do you work? | Any children if married? | What are some of your learning goals for this year? | Does your organisation sponsor any of your living expenses? | Since how long are you working? | How long family is staying here? | What are your favourite things to do in the past? What about now? | How often do you travel? | What is the growth in your company? | How many dependents? | What are your hobbies? | Do you own a home in HK? | How is the working environment? | What plans you have for your children’s future? | Any short term goals for the next one year | Do you have any debt obligations? | Do you have supportive colleagues? | | Have you ever thought of supplementing your retirement? | | | | | | Approach to know your client: Financial Status Goal Family Job/ work ...
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...accounts many factor including general understanding of marketing, finance and other discipline relevant to the success of a large publicity – traded company in today‟s business environment; understanding of Microsoft‟s business on a technical level. 4) Board Composition: Mix of management and independent directors. The board believes that, except during periods of temporary vacancies, a majority of its directors must be independents. 5) Term Limits: Director who have served on the board for an extended period of time are able to provide valuable insight into the operation and future of the company based on their experience with an understanding of the company‟s history, policies and objectives. 6) Retirement Policy: The board believes that 75 is an appropriate retirement age for outside directors. 7) Directors with significant job changes: The board believes that any director who retires from his or her present employment, or who materially changes his or her position, should tender resignation to the board. 8) Selection of CEO and Chairman: The board selects the company‟s CEO and Chairman in the manner that it...
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