It’s important for households, like businesses, to have both a net worth statement (balance sheet) and a budget (income and expense statement). We will identify all possible retirement income sources, both government and personal, and complete the net worth statement and budget to determine your retirement and estate planning needs. With these documents we will build a retirement plan which, in turn, will help to discover what surplus remains to be dispersed between your beneficiaries. We will also discuss the need for a proper legally-drafted will, enduring power of attorney and/or a personal care directive. Calculations will be done with a calculator or ‘by hand’, so that you become familiar with the logic and mechanics involved with organizing your affairs.
By completion of this course, successful students will be able to:
- construct and calculate a budget, a retirement analysis, and an estate valuation
- identify the risks and limitations when investing for retirement
- identify how best to compensate for retirement investment risks and limitations
- identify the tax and legal considerations both during retirement and at one’s death
- recognize when it is necessary to consult professionals such as lawyers, accountants, trustees, and financial planners