Upload
pualeilehua
View
225
Download
0
Embed Size (px)
Citation preview
8/14/2019 Life skills Sept 25[1]
1/12
Be ll Rin gere ll Rin ger What is the average age for retirement?What is the average age for retirement?
8/14/2019 Life skills Sept 25[1]
2/12
nswersswersEarningsarningsSta teme ntta teme nt1.1. $167.31$167.31
2.2. 6%6%
3.3. $27.00$27.00
4.4. $15.21$15.215.5. $1521.00$1521.00
6.6. $121.68$121.68
7.7. $91.26$91.26
8.8. $108.64$108.64
9.9. $380.25$380.25
10.10. 83 hrs83 hrs
8/14/2019 Life skills Sept 25[1]
3/12
Form W-4orm W-4
8/14/2019 Life skills Sept 25[1]
4/12
An swe r t o W-2n swe r t o W-21.1. $416.38$416.38
2.2. 230-53-2325230-53-2325
3.3. 12%12%
4.4. $861.48$861.485.5. $28,716.00$28,716.00
6.6. 3%3%
7.7. $23,130.74$23,130.74
8.8. $28,176.00$28,176.00
9.9. $3,445.92$3,445.92
10.10. $1,722.96$1,722.96
8/14/2019 Life skills Sept 25[1]
5/12
8/14/2019 Life skills Sept 25[1]
6/12
Sa vin g f or Retirementa vin g f or Retirement You learned about social security taxesYou learned about social security taxes
and what they pay for.and what they pay for.
It is like having a bank account with theIt is like having a bank account with thegovernmentgovernment
Provides at most a few hundred dollarsProvides at most a few hundred dollars May not be enough to pay all your billsMay not be enough to pay all your bills
8/14/2019 Life skills Sept 25[1]
7/12
Pla nnin g f orla nnin g f orRe tire mente tire ment Setting money aside now, will ensure youSetting money aside now, will ensure you
have the money to pay bills, as well as tohave the money to pay bills, as well as todo things like travel, take up a hobby, anddo things like travel, take up a hobby, anddo other things you enjoy when you retire.do other things you enjoy when you retire.
There are different ways to save moneyThere are different ways to save moneyfor retirement.for retirement.
8/14/2019 Life skills Sept 25[1]
8/12
CD sD s Certificate of depositCertificate of deposit
A savings account in which the moneyA savings account in which the money
has to stay in the account for a sethas to stay in the account for a setamount of time.amount of time. Six months up to a yearSix months up to a year
Pays more interest than a regular savingPays more interest than a regular savingaccountaccount
8/14/2019 Life skills Sept 25[1]
9/12
Sa vin gs Bo ndsa vin gs Bo nds Its like a loan to the government.Its like a loan to the government. Available in amounts such as $25, $50, $100,Available in amounts such as $25, $50, $100,
and $500and $500 You buy the bonds at half the face value: so aYou buy the bonds at half the face value: so a
$50 bond will cost you $25.00$50 bond will cost you $25.00 When the bond matures, in around 10 years,When the bond matures, in around 10 years,
the bond is worth the face value.the bond is worth the face value. So the bond you paid $25 for is worth $50So the bond you paid $25 for is worth $50
If you hold the bond for 30 to 40 years, it canIf you hold the bond for 30 to 40 years, it canbe worth more.be worth more.
8/14/2019 Life skills Sept 25[1]
10/12
IRA sRA s Is a savings account. The amount youIs a savings account. The amount you
put in is untaxed.put in is untaxed.
You are allowed to put a maximum ofYou are allowed to put a maximum of$2000.00 per year into your account$2000.00 per year into your account
You cannot take the money out until youYou cannot take the money out until you
are 55.5 years oldare 55.5 years old If you do, penalties are chargedIf you do, penalties are charged
You pay taxes when you take the moneyYou pay taxes when you take the money
out.out.
8/14/2019 Life skills Sept 25[1]
11/12
Ta x-De fe rr ed Sa vi ngsa x-De fe rr ed Sa vi ngsPla nsla ns Also called 401 KAlso called 401 K You put money in through a deduction from paycheckYou put money in through a deduction from paycheck
You agree to have between 1%-15% of your gross incomeYou agree to have between 1%-15% of your gross incomewithheld for this purposewithheld for this purpose
This is done before taxes are deducted, meaning you payThis is done before taxes are deducted, meaning you pay
less taxes.less taxes. Earns interestEarns interest Some employers match the amount you put in, up to a certainSome employers match the amount you put in, up to a certain
amount.amount. You cannot take the money out until you are 59.5 years old.You cannot take the money out until you are 59.5 years old.
If you do, penalties are chargedIf you do, penalties are charged Taxed when money withdrawnTaxed when money withdrawn
If withdrawn before 59.5, regular rate. After you retire, atIf withdrawn before 59.5, regular rate. After you retire, ata lesser rate.a lesser rate.
Withdrawals before 59.5 without penalty sometimes allowedWithdrawals before 59.5 without penalty sometimes allowedfor: purchase of first home, college tuitionfor: purchase of first home, college tuition
8/14/2019 Life skills Sept 25[1]
12/12
Homeworkomework WorksheetWorksheet
Answer Chapter 6 Lesson 9 reviewAnswer Chapter 6 Lesson 9 review
questionsquestions Quiz coming upQuiz coming up