Financial Literacy - Economics- Saving - The Importance of Saving for Retirement

The Importance of Saving for Retirement

COMMON RETIREMENT SAVINGS PLANS

Financial Literacy and Economics

There is a retirement saving crisis occurring in America. Over %60 of Americans have less than $10,000 saved for retirement. With so many Americans failing to save for retire, it is vital that students learn about the importance of saving for retirement and the different retirement plan available.

Objectives: Students will be able to:

· Describe the retirement saving crisis in America.

· Recognize the three reasons why most people don’t save enough for retirement.

· Explain why it is important begin saving for retirement early.

· Identify the 4 common retirement saving/investment plans.

· Compare and contrast the 401k, 403b, Traditional IRA, and Roth IRA.

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Michael K. Powell