COA 4131 1st Edition Lecture 31 Outline of Last Lecture I II Importance of Retirement Planning Common Pitfalls to Sound Retirement Planning III The Five Risks of Retirement IV Personality of People V Longevity Risk VI Healthcare Risk VII Estimating Retirement Needs and Developing a Plan Outline of Current Lecture I Guest Speaker Current Lecture A Guest Speaker i Worked part time at University 1 Human Resources a Hr fsu edu b Benefits Department ii Worked for one week off the next week iii Had to work part time when she gave birth to her first child iv AMP 1 Administrative professional 2 Need to have a bachelor s degree v USPS 1 University Support Personnel Systems a Custodial tech people etc vi USPS AMP and Faculty all have benefits 1 Insurance retirement vacation time sick days etc vii OPS 1 Student positions 2 Part time 3 Do not receive benefits viii Pigeon Plan 1 Retirement plan that will give you money for life 2 Very popular plan 3 Security value is great 4 Benefit to beneficiary to significant other in case of death a Less benefits but still can be worth it 5 Have to look at big picture to see what is best for you ix 403 B 1 Allows you to set aside certain amount of money into an account and you decide how you want to invest it a Can be a dollar amount or a percentage 2 Tax deferred annuity 3 Strongly suggest starting as soon as you can a Compounded interest x State of Florida Program 1 Pre taxed 2 Let s you save for the future 3 Similar to the 403 B but this one you have to be a state employee
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