1. © South-Western Educational Publishing Chapter 15 Retirement and Estate Planning  Planning for Retirement  Saving for Retirement

2. GOALS © South-Western Educational Publishing Lesson 15.1 Planning for Retirement  Describe a person’s or family’s needs at retirement.  List the features of wills, powers of attorney, trusts, and joint ownership.  Discuss inheritance, estate, and gift taxes.

3. © South-Western Educational Publishing Defining Your Retirement Needs  How much income do you need?  Keep the house or move?  What type of investment strategy?  What type of insurance?  How do you beat inflation?

4. © South-Western Educational Publishing Estate Planning Tools  Wills  Power of attorney  Trusts  Joint ownership

5. © South-Western Educational Publishing Wills  Executor  Testator  Simple will  Holographic will  Intestate  Codicil

6. © South-Western Educational Publishing Taxation of Estates  Federal estate taxes  State death taxes  Federal gift taxes  Federal/state income taxes

7. GOALS © South-Western Educational Publishing Lesson 15.2 Saving for Retirement  Describe the features of retirement investment options.  Explain basic benefits available through pension plans.

8. © South-Western Educational Publishing Personal Retirement Accounts  Individual retirement accounts (IRAs)  Keogh plans  Simplified employee pension (SEP) plans  Annuities  Pre-taxed savings

9. © South-Western Educational Publishing Individual Retirement Accounts (IRAs)  Traditional IRA  Roth IRA  Education IRA

10. © South-Western Educational Publishing Employer-Sponsored Retirement Plans  Defined-benefit plans  Defined-contribution plans  401(k) plans  403(b) plans

11. © South-Western Educational Publishing Government-Sponsored Pension Plans  Social security benefits  Military benefits