Standard 6: Retirement Planning

PFL 6.1 Analyze the necessity of planning and saving for retirement.

A. Identify costs of retirement such as living expenses, health care, and long-term care, based on life expectancy.
B. Explain how beginning to save or invest at different stages of life or over different periods of time significantly impact financial preparedness for retirement.

PFL 6.2 Evaluate various sources of income for retirement.

A. Compare government and employer-sponsored retirement plans, such as Social Security and 401(k) accounts.
B. Identify various personal investments, such as IRAs, and describe how they can provide financial resources for retirement.
C. Explain that entrepreneurs and self-employed individuals may be responsible for generating their own retirement income, as opposed to government or employer- sponsored plans