FIN 612 Study Guide - Government Communications Headquarters, Savings Account, Purch Group
Document Summary
Chapter 1: the retirement planning process: what are the steps in the retirement planning process? (see learning obj) (pg 4) Gather current fin info prep statements to reflect current fin situation statement o fin position/ statement of net worth/ bs statement of cf quantify s-t and l-t goals prep s-t budgets and estimate retirement spending. Period of accumulation longer the period of accumulation = less one must contribute each year retirement savings plans usually allow investments to grow tax-free -- the longer they are in the plan = better. In some cases, it is an iterative process (it will be done over and over again). In other cases, the objectives will endure and will only require small refinement: does the possibility of leaving an estate for your children or other beneficiaries affect retirement planning? (pg 6) Retiree wants to leave an estate to beneficiaries. If so, after drawing all of the retirement income, there will be a lump-sum left behind.
