COA 4131 1st Edition Lecture 31 Outline of Last Lecture I. Importance of Retirement PlanningII. Common Pitfalls to Sound Retirement Planning III. The Five Risks of Retirement IV. Personality of People V. Longevity RiskVI. Healthcare RiskVII. Estimating Retirement Needs and Developing a Plan Outline of Current Lecture I. Guest SpeakerCurrent LectureA. Guest Speakeri. Worked part time at University1. Human Resources a. Hr.fsu.edub. Benefits Departmentii. Worked for one week, off the next weekiii. Had to work part time when she gave birth to her first child iv. AMP1. Administrative professional 2. Need to have a bachelor’s degreev. USPS1. University Support Personnel Systemsa. Custodial, tech people, etc. vi. USPS, AMP, and Faculty all have benefits1. Insurance, retirement, vacation time, sick days, etc. vii. OPS1. Student positions2. Part-time3. Do not receive benefits viii. Pigeon Plan1. Retirement plan that will give you money for life 2. Very popular plan3. Security value is great 4. Benefit to beneficiary to significant other in case of deatha. Less benefits but still can be worth it 5. Have to look at big picture to see what is best for you ix. 403 B1. Allows you to set aside certain amount of money into an account and you decide how you want to invest ita. Can be a dollar amount or a percentage 2. Tax-deferred annuity 3. Strongly suggest starting as soon as you cana. Compounded interest x. State of Florida Program 1. Pre-taxed 2. Let’s you save for the future3. Similar to the 403 B but this one you have to be a state
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