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Purpose

Develop a long-term savings and investment plan to ensure a financially secure retirement.

Assignment Prompt

In Part I of this assignment, you will explore retirement planning by identifying the cost of retirement and explaining income sources during retirement. In Part II, you will develop a long-term savings plan that ensures a financially secure retirement. In Part III, you will explain the costs and benefits of supplemental types of insurance.

Assignment Instructions

1. Prepare for research.
   1. Review the directions and questions in Parts I, II and III to familiarize yourself with the requirements of the assignment.
   2. Save the questions, tables, and graphic organizers to a new location so you can add the required information. Alternatively, you may be able to print the document and complete the assignment by hand before submitting it. Ask your teacher for guidance.
   3. If you have questions, ask your teacher for help.
2. Complete the performance task.
   1. Conduct research. Use a variety of sources to locate the information required to complete the assignment.
   2. Complete each part of the assignment. If you have any trouble understanding the requirements, ask your teacher for assistance.

1. Evaluate your assignment using this checklist. When you can answer "yes" to all of the questions, you are ready to submit your assignment.

Yes	No	Evaluation Question
		Did you respond to each prompt, answer each question, and complete each part of the tables and graphic organizers?
		Are your answers thorough and accurate?
		Do yo ur answers use correct spelling and punctuation?

1. Revise and submit your assignment.
   1. If you were unable to answer "yes" to all of the questions on the checklist, revise your assignment before submitting it.
   2. Return to the Virtual Classroom and use the "Add Files" option to locate and submit your assignment. Ask your teacher for assistance if necessary. Congratulations! You have successfully completed your assignment on retirement planning.
   3. Ask your teacher for further instructions about whether you will be presenting your research to an audience of your peers.

Part I: Exploring Retirement

Respond to the prompts, answer the questions, and complete the tables and organizers. Base your responses on your prior knowledge about the topic and on knowledge you have gained through additional research.

1. Think about the phrase "a financially secure retirement." In two to three sentences, describe what a financially secure retirement consists of.

1. Complete the table below by identifying the costs of retirement, including living expenses (the sum of rent/mortgage, utilities, food, gas, etc.), healthcare expenses, and long-term-care expenses. Conduct research to determine the cost of retirement for a single person retiring this year.

Resources:

There are many appropriate sites available.

• To identify living expenses, conduct an internet search for "living wage calculator."

To identify the cost of long-term-care insurance, read8513-LongTermCare_OC. Estimated Monthly Retirement Costs

Expense	Estimated Monthly Cost
Living (home, food, gas, etc.)
Health insurance
Long-term-care insurance
Estimated monthly total:

1. Complete the table below to identify the cost of retirement over an extended period of time. To identify the estimated cost for Year 1, multiply the estimated monthly total (above) by 12.

Estimated Total Retirement Costs

Year	Estimated Total Cost
Year 1
Year 5
Year 10
Year 15
Year 20

1. Complete the graphic organizer below by briefly explaining each source of income available during retirement.

Sources of Income during Retirement

Income Source	Explanation
Social security
Personal savings
Individual retirement account (IRA)
401(k) investment

Part II: Planning for Retirement

Using complete sentences, answer the questions and respond to the prompts. Base your responses on your prior knowledge about the topic and on knowledge you have gained through additional research.

1. Lynn has learned that she will need to save $1 million dollars to support her current lifestyle if she retires in 15 years. Lynn had not thought about planning for retirement until now. If she begins saving now, she will need to save approximately $67,000 per year. Based on her annual income of $75,000, this goal is not attainable. How would Lynn's retirement be affected if she had understood the importance of planning for retirement earlier?

1. In three to four sentences, explain how you would develop a long-term investing strategy to ensure that you will have a financially secure retirement.

Part III: Understanding Supplemental Insurance

Complete the graphic organizer below. Base your responses on your prior knowledge about the topic and on knowledge you have gained through additional research.

Supplemental Insurance	Costs	Benefits
Extended home warranty
Mortgage protection insurance
Accidental death and dismemberment insurance
Debt-cancellation coverage (also called credit life insurance)