Students learn about the different needs of individuals as it relates to saving for retirement.
Teaching Objectives:
- Examine the investment needs of different individuals and make recommendations for their retirement strategies.
- Evaluate longevity and life-span statistics to predict the numbers of years they will live in retirement and expected income needs.
Standard 6: The student will explain and evaluate the importance of planning for retirement.
Suggested Grade Level
6th – 12th Grade
Lesson Excerpt:
The idea of planning for retirement is a fairly recent phenomenon. Due to advancements in medicine and other factors, people now live much longer; and, therefore, need financial resources to pay for those years. About 100 years ago, few people lived past age 65. Today, the life expectancy in the United States is 78 years, with many people living into their 90s.
The amount of money needed for retirement is directly related to the number of years a person lives. With the life expectancy continuing to climb, so does our need to plan for financial independence in those years.
