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1、PersonalFinance:AnotherPerspectivePreparingforthe FinalExam–Review#3PreparingfortheFinalExamHowtodowellonmyexams(byorderofwhatIthinkismostimportant):1.ReviewthepreviousquizzesCheckyouranswersonBlackboard2.ReviewthePowerPointsandcasestudiesfromeachclassThesearethe
2、thingsIconsiderimportantEspeciallylookforapplicationproblems3.ReviewyourFinalExamformulasheet4.Reviewthereadingsandsyllabus(4objectives)ThinkthroughthepurposeforeachcasestudyReviewQuestions1.RetirementPlanning2.EstatePlanning3.MoneyandMarriage4.MoneyandMarriageII
3、5.DefinedBenefitPlans6.QualifiedRetirementPlans7.QualifiedRetirementDistributions8.IndividualRetirementPlans1.RetirementPlanningData:Suzanneis25,single,andmakes$50,000peryearathercurrentjob.Hercompanyhasa401(k)planthatmatches50percentofhercontributionsupto3percen
4、tofhersalary.Shedeterminedthatshecansave15%ofhersalaryeveryyear,andwillputall15%or$7,500awayforretirement.Sheexpectshertaxratestobelowerinretirement.ApplicationsWhichinvestmentvehiclesshouldsheuseandwhyin2012?AnswerFirst,looktofreemoneyIfSuzannewillsave3percentof
5、hersalary,or$1,500peryear,hercompanywillmatchthatwith50percentofthatamount,or$750.Notethatthisistax-deferredmoney,ormoneythathasnotbeentaxedyet.Themaximumcontributionfor2012ina401(k)accountis$17,000Sincethefirstpriorityofmoneyisfreemoney,sheshouldinvest$1,500here
6、first.Notethatthereisalsoataxsavinghere,asinvestmentsreduceheradjustedgrossincomeAnswerSecond,looktotax-advantagedmoney.AtraditionalIRAwouldlikelybehersecondchoice.Becausesheexpectstaxratetodeclineinretirement,thetraditionalisthebestideaShecaninvestupto$5,000perp
7、ersonin2012inaTraditionalIRASheinvested$1,500inher401(k)planand$5,000forherselfinatraditionalIRAAnswerThird,looktotax-deferredmoney.Withheradditionalfunds,shecouldinvesttheremaining$1,000inhercompany401(k),eventhoughthereisnoadditionalmatch.Notethathergoalwastoin
8、vest$7,500forretirement.Inreality,she:Invested$7,500ofherownmoneyGotafree$750matchfromthecompanyAndsavedtaxesonthe$7,500inher401k.Ata30%federaland7%staterate,t
