Emerging adults define who they want to be for the rest of
their lives. The period between the start of adulthood until old
age will be the definition of who they are Emerging adults define
their dream. THE TYPE OF LIFE THEY WANT! When they hit old age,
they look back and evaluate.
Slide 3
Using your text book, define the following terms: Adulthood
Midlife Old age Imagine you have completed the Midlife stage and
are entering old age you still have some time to do what you have
not completed yet. Write your bucket list of things to do, see,
experience before its too late!
Slide 4
Read the text Aboriginal Families Valued Experience on pages
396-397. Compare how the elderly were treated in those societies
with today.
Slide 5
2.1 Preparing retirement Preparing for retirement must begin
early on in adulthood. Planning and preparing will need to happen
throughout Early, Middle and Late adulthood in order to have the
resources necessary to enjoy old age. Consequences of not preparing
properly include poor health and poverty. 58 % of adult Canadians
are not financially prepared for retirement. Only 33 % of adult
Canadians have a plan that will meet their goals.
http://retirehappyblog.ca/canadians-financially-ill-prepared-for-retirement/
Slide 6
Some people even retire with debt! 33% of Canadians retire with
debt. Of those with debt:
Slide 7
Preparing a budget that will meet yours and your familys needs
is very important. Show: Til Debt do us part.
Before preparing a budget, list the things that are important
to you and describe the lifestyle you want to live. Using the data
provided prepare a monthly and a yearly budget for the average
family. Complete the package
Slide 12
Average cost of House in Ottawa is $350,000. Mortgage of 25
years = $1,841.08 per month (4% interest = $202,319. 25) Average
groceries bill for a family of four is $500.00 per month. Average
transportation for one car costs $9000.00 per year. (fuel,
insurance, maintenance, car payments) Average cost of entertainment
is $3000.00 per year. Average education savings of 200 per child
per month. Average retirement savings per month $500.00 (if you
save 500 per month from the age of 25 to 60 you will retire with
1.5 million dollars!) Gifts, incidentals, etc
Slide 13
A) RRSP : An RRSP is a retirement savings plan that you
establish, that we register, and to which you or your spouse or
common-law partner contribute. Deductible RRSP contributions can be
used to reduce your tax. Any income you earn in the RRSP is usually
exempt from tax as long as the funds remain in the plan; you
generally have to pay tax when you receive payments from the
plan.
Slide 14
b) TFSA: The Tax-Free Savings Account (TFSA) allows Canadians,
age 18 and over, to set money aside tax-free throughout their
lifetime. Each calendar year, you can contribute up to $5,000, any
unused TFSA contribution room from the previous year, and the
amount you withdrew the year before. All income earned and
withdrawals from a TFSA are generally tax-free. Plus, having a TFSA
does not impact federal benefits and credits. It's a great way to
save for short and long-term goals.
Slide 15
c) Registered Education Savings Plans (RESPs) A registered
education savings plan (RESP) is a contract between an individual
(the subscriber) and a person or organization (the promoter). Under
the contract, the subscriber names one or more beneficiaries and
agrees to make contributions for them, and the promoter agrees to
pay educational assistance payments (EAPs) to the
beneficiaries.