Financial Literacy 20, 30
Course Configurations
Assess the value of retirement planning as part of a personal financial plan.
Indicators for this outcome
| (a) | Investigate different types of pension plans (e.g., Canada Pension Plan (CPP), Old Age Security (OAS) program, Saskatchewan Pension Plan (SPP), group and private). |
| (b) | Discuss the risks and rewards associated with various types of pension plans. |
| (c) | Research approaches for investing in pension funds commonly used at different life stages (i.e., adolescence, early adulthood, middle adulthood and later adulthood). |
| (d) | Explain processes for contributing to a variety of pension plans. |
| (e) | Compare the features of “defined contribution,” “defined benefit” and “target benefit” pension plans. |
| (f) | Identify and verify CPP and other pension deductions and contributions on a variety of pay stubs. |
| (g) | Discuss the role of a Registered Retirement Savings Plan (RRSP) in contributing to one’s retirement income. |
| (h) | Discuss the role of a Tax-Free Savings Account (TFSA) in retirement planning. |
| (i) | Explore how various perspectives (e.g., cultural, religious and community) affect one’s retirement planning. |
| (j) | Discuss the future of pension plans and the resulting impact on retirement planning given factors such as people living longer, increasing health costs and the sustainability of pension plans such as CPP. |
| (k) | Compare potential earnings on retirement funds when one starts saving for retirement at varying ages (e.g., 20, 30, 45 and 50). |
| (l) | Debate the question, ‘Should I be debt free when I retire?’ |
| (m) | Design a spending plan that includes planned retirement savings or investments. |
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