1. The Financial Needs of the Elderly Today we will learn: 6 different sources of retirement income that the elderly have. 6 different sources of retirement income that the elderly have. Ways in which their income may impact on their lifestyle. Ways in which their income may impact on their lifestyle.

2. State Retirement Pension PPPPaid by the Government to all those who have reached retirement age (60 for women, 65 for men) DDDDependent on years worked and National Insurance contributions

3. Occupational Pension PPPPaid by an employer and employee into a scheme throughout a person’s working life MMMMoney is invested and can be taken from job to job PPPPension can depend on what your final salary is and how long you have worked The Scottish Public Pensions Agency (SPPA) controls occupational pension schemes for NHS staff and teachers in Scotland, as well for people working in local government, the police and fire services.

4. Private Pension PPPProvided by a pension company to give a person a second pension for retirement MMMMoney is invested by the person over a number of years

5. Stakeholder Pension NNNNew type of private pension that is cheaper to run and easier to use IIIInvestors can stop and start payments, and increase and decrease them PPPProvided by financial companies, banks and building societies

6. Savings Accounts MMMMoney put away in bank or building society savings accounts, earning interest IIIIndependent Savings Accounts (ISAs) are tax-free with easy access and you can save cash and stocks and shares

7. ISAs 2010-11 YYYYou can save up to £5,100 in a Cash ISA every year. YYYYou can also save up to £10,200 in a Stocks and Shares ISA every year. TTTThe total amount you can save if you have both types of ISA is £10,200.

8. Stocks and Shares MMMMoney invested in companies to provide income in retirement CCCCan be risky, as value could go down as well as up SSSSome people pay extra for experts to invest their money

9. Activities  Answer activities one and two from the lifestyles pupil booklet.  Write your answers in full sentences.  If you finish please put your hand up and I will mark it.