Premium Essay

Public Lecture on Retirement

In:

Submitted By jluri
Words 447
Pages 2
RETIREMENT: HOW PREPARED ARE YOU?
The Actuary asks

A Faculty Lecture by Arnold Ouendo Department of Mathematics & Statistics University of Cape Coast

OUTLINE
• WHAT IS RETIREMENT? • THE FIVE PILLARS OF RETIREMENT SECURITY • REASONS TO PLAN FOR RETIREMENT • HOW TO PLAN FOR RETIREMENT • POST-RETIREMENT RISKS • SUMMARY • CONCLUSIONS

WHAT IS RETIREMENT?
• As we grow old, we work less, produce less, and earn less; • We need to secure sources of income other than wages to support ourselves; • Used to contrast a period of gainful employment with a period when an adult is no longer gainfully employed;

WHAT IS RETIREMENT?
• People often work continuously up to 40 years prior to retiring; • Upon retirement, the retiree relies on the public or private retirement system and/or personal savings for income; • Some workers are beginning to look for opportunities to gradually ease into retirement – often called “phased retirement”

THE FIVE PILLARS OF RETIREMENT SECURITY
• • • • Social security (SSNIT in Ghana) Employer-sponsor retirement plan Personal savings Earnings from employment after retirement • Income from family members, life insurance, health insurance, and general insurance.

REASONS TO PLAN FOR RETIREMENT
• Break down of the informal systems
– Changes in the family structure – Urbanization, mobility, war, famine, and aids – Family attitudes

HOW TO PLAN FOR RETIREMENT
TOP 9 WAYS TO BEAT THE CLOCK AND PREPARE FOR RETIREMENT

HOW TO PLAN FOR RETIREMENT
• Know your retirement needs • Find out about your Social Security benefits • Learn about your employer’s pension scheme • Contribute to a tax-sheltered savings plan

HOW TO PLAN FOR RETIREMENT
• • • • Ask your employer to start a plan Don’t touch your savings Consider basic investment principles Ask questions. Talk to the employer, banks, financial advisors, etc… • Start now, set goals, and stick to them. It’s

Similar Documents

Premium Essay

Who Should We Blame?

...successive in the position of competence and strengthen stage to the environment of competitive worldwide is emerged. High school dropout rate and high school student entering college with inadequate skills, both issues have its sub-issues. Many questions has been asked and inclined to blame on the regime of education, school administrators and teachers. To compensate the situation, government and school administrators, parent- teacher, and students are the vital components. Government enhanced common core and invest enormous amount of funding into education to suite the need of educational success either in official or tutor programs(GED/Tasc). Forty percent of American public high school graduates student from high school student entering colleges with inadequate skill “As Many as 40 Percent of American Public High School Graduates Are Unprepared for College and Work “(washington post February 7, 2005). Also, GED test has upgraded the questionnaires, passing scores and new format to suit...

Words: 1328 - Pages: 6

Free Essay

Soc 300 Week 8

...SOC 300 Week 8 Discussion 08/24/2014 "Institutions" Please respond to the following: * Based on the lecture and Webtext materials, address the following: * Every country in the world is constructed around the same set of institutional frameworks that differ only in how governments manage them. Identify the specific components of an institution. Next, use two examples of institutions—such as a financial system, a judicial system, or the armed forces—to illustrate what developing countries overall have done to weaken or strengthen such institutions. An institutions is a system of norms to recognize some goals or activity that people feel is important. Social Institutions help develop and create common values which people must conform to. This conformity circumvents the possible conflict amount the group of the people living at a certain society and such that the institutionalization process in the modern society with modern organization system is clear with division of labor more specific. Bureaucratic system, business organizations, and commercial banks are credited with the institutionalization process. Financial Institutions deal with various financial activities related with bonds, stocks, loans, risk diversification, insurance, hedging, retirement planning, investment, portfolio management, and many other types of related functions. With the help of their functions, the financial institutions transfer money or funds to many levels of economy and thus...

Words: 373 - Pages: 2

Free Essay

Busi 3704

...BUSI 3704 A: The Environment of International Business Topic Review What does Population Ageing mean for International Business? December 2014 What does Population Ageing mean for International Business? (see also lecture notes on this topic) (1) Manifestations of Global Population Ageing (2) What is population ageing? (3) What are the patterns of population ageing across the world? (4) What countries are specifically affected by population ageing? (5) How do societies experiencing population ageing compare with those not experiencing the phenomenon? (2) Dynamics of Population ageing (a) What are the key factors giving rise to population ageing? (b) Who are the key actors in international business and public policy processes with regard to population ageing? (c) How do these key actors interact with each other? (d) What measures have been taken to mitigate against population ageing per se? (e) What measures have taken to alleviate the impacts of population ageing? (3) Impacts of Population Ageing (a) What are the short-, medium- and long-term impacts of population ageing on individuals? (b) What are the short-, medium- and long-term (economic, political, legal, social, cultural, technological, environmental, etc.) impacts of population ageing on societies/countries? (c) What are the short-, medium- and long-term impacts of population ageing on the international business environment? (d) What are the short-...

Words: 1470 - Pages: 6

Premium Essay

Government Spending and Taxation

...Government Spending and Taxation Joseph La France Grantham University Government Spending and Taxation In this paper I will attempt to apply 4 of the 8 guideposts to government spending and taxation. I will begin these applications with “tradeoffs”. A good example of the government “tradingoff” something I believe would be in the way Social Security works. Taxes are pulled out of people’s paychecks to put toward retirement or “Social Security”. With over expenditures in other areas of spending through the government they pulled money from the social security funds to compensate. Thus causing a lack of funds in the social security department and causing them to come up with a way to compensate. If my understanding is correct on the matter, they now pull social security from younger workers, to pay to the retirees. Therefor trading off the debt from the retiree, to the worker that will one day retire himself. In appliance of economizing, the government for the first 125 years spent only what was needed federally, on 4 main aspects: Income Transfers, Health Care, National Defense, Net interest. Thus providing funds for things that anyone can use and benefit from. Income transfers being like Social Security. Health Care being medical plans and or insurance. National Defense, like funding the US Army and Navy. And Net interest being the national debt. Incentives are a huge...

Words: 581 - Pages: 3

Free Essay

Elementary Teacher Career Research Paper

...grades K-5. They create lesson plans, administer praise and constructive criticism, instruct students on subjects such as science, literature, and math, and create a well-rounded, comprehensive instructional program. Tasks: The primary responsibilities consist of a large list. They must create instructional for use in the classroom. They have to plan, prepare, and distribute instructional activities. Create a positive climate for the students to learn in. Meet the course and student-wide performance goals. Participate in on-going training sessions. Create lesson plans and modify accordingly throughout the year. Maintain the grade books. Grade papers and perform other administrative duties as needed. Create projects in order to enhance lectures. Read and stay abreast of current topics in education. Create lesson plans. Utilize various curriculum resources. Utilize curricula that reflect the diverse educational, cultural, and linguistic backgrounds of the students served. Observe and evaluate student’s performance. Manage student behavior in the classroom by invoking approved disciplinary procedures. Conditions: The general working conditions can be quite ideal depending on certain circumstances. You get summer off, and always are out of the school building around 5pm, depending on how late you plan to stay at the school after class session has ended for the day. It is always nice to have summers off as well. But there are a few downsides to being a teacher that each person must...

Words: 1101 - Pages: 5

Free Essay

Faraday's Law

...father was of the Sandemanian faith, which Faraday was to adopt as a guiding force throughout his life. When Faraday turned 14, he was apprenticed to a book binder, and during this time, familiarized himself with the teachings of Isaac Watts, a cleric from the previous century. It was Watts's work, The Improvement of the Mind, that put Faraday on the road to self-improvement. In 1810, Faraday began attending meetings of the then recently formed City Philosophical Society, where he heard lectures on scientific subjects, of which chemistry and electricity held the most sway over his imagination. Faraday's relationship with Sir Humphry Davy began when Faraday attended a series of lectures by the famous scientist. Faraday was about to dedicate the rest of his life to bookbinding when, in what turned out to be a happy accident, Davy injured himself as a result of an experiment gone awry, and, in need of a secretary, hired Faraday. Faraday then gave Davy a copy of bound notes from Davy's lectures that Faraday had attended. Davy was impressed, and in 1813, when an assistant at the Royal Institution lost his job, Davy hired Faraday as his replacement. When Davy went abroad on a prolonged visit to the continent in 1813, he asked Faraday to join him. During this journey, which was to last until 1815, Faraday was required to perform the duties of a valet, which he did with great discomfort. But the trip afforded him access to the best scientific minds of his day, which undoubtedly...

Words: 1758 - Pages: 8

Premium Essay

Pourquoi Pas

...Final Assignment of Financial Management The Final Written Assignment is to answer the questions below. They are divided into four sections based on the class lectures. The first three questions (a,b,c) in each section are calculation problems, and the last question (d) in each section asks for an explanation, which you should use to increase your word count. The assignment should be no less than 3500 words, and should be submitted in Word. You do not need to do any outside research. You should answer the questions based on what you learned in class and on the information given in each question. Your answers should be written in your own words. If your writing is too similar to another student’s or copied from the Internet you will be penalized. You will be graded on the clarity and accuracy of your answers. Please feel free to contact me at davidpollon@yahoo.com if you have any questions about the assignment. Best of luck.Please note: No extensions will be considered for late assignments, unless they are requested. Yann JACOBSEN 10/10/2012 Email : yann.jacobsen.mgt@gmail.com Introduction In this course with Professor David POLLON, we tried to understand what exactly the Time Value of Money is. Now we can say it’s an essential principle of finance which establishes the notion of time and risk of cash flows. Moreover it’s an important key to all financial analysis used to look valuation for stocks and bonds. Moreover, we discussed about financial securities and...

Words: 3012 - Pages: 13

Premium Essay

Privacy

...| |UNIVERSITI TUNKU ABDUL RAHMAN (UTAR) | | |FACULTY OF BUSINESS AND FINANCE (FBF) | | |Bachelor of Commerce (Hons) Accounting | Unit Plan | | | | | |Unit Code & |UBAF 2023 AUDITING | | |Unit Title: | | | | | | | |Course of Study: |Bachelor of Commerce (Hons) Accounting | | | | | | |Year...

Words: 2089 - Pages: 9

Premium Essay

Public Sector Management

...ASSIGNMENT TITLE: You have been placed as the head of department branch or section and ask to submit ten recommendations to the upcoming budget 2012-2013 to the Minister of Finance. The recommendations should be detailed showing the benefits to Trinidad and Tobago. COURSE CODE: ADMIN 300 COURSE TITLE: PUBLIC SECTOR MANAGEMENT CRN: 13147 SEMESTER: 1 2012/2013 STUDENT NAME: HARRIPERSAD RAMNARINE STUDENT ID: 00047561 PROGRAMME: MANAGEMENT FOR THE PROTECTIVE SERVICES DATE OF SUBMISSION: 12/09/2012 LECTURER’S NAME: MR. CLAYTON B LACKMAN TABLE OF CONTENTS 1. Introduction 2. Advance Equipment 3. Personalised weapons 4. Continuous Training 5. Remuneration Package 6. Medical and Welfare Facilities 7. Re-training and Foreign Training 8. Lectures on Anger management and Conflict Resolution 9. Deployment of Injured Officers 10. Additional Benefits 11. Understanding Human Behavior You have been placed as the head of department branch or section and ask to submit ten recommendations to the upcoming budget 2012-2013 to the Minister of Finance. The recommendations should be...

Words: 2255 - Pages: 10

Premium Essay

Case Study: the Luxury of Living a Longer Life

...ARTICLE 1 QUESTION 1 The population diagrams show the prediction that the population of Barbados will increase by a small percentage. In this case, it is seen that the age structure is more likely to experience a higher level of change. It is clearly shown that from the years 2000-2025, the birth rate drops, while more people live to be older – people living in the year 2025 have longer life span than the people living in the year 2000. This basically goes to show that there will be more of the elderly than the infants in the year 2025. Many things alter when societies modernize, but it is not clear as to which factors are the direct cause of the declining birth rates, or the increasing life spans. There have been no shortage of reasons proposed, but unfortunately, only a handful is convincing enough to be accepted by the norm (Foster & Shrira 2009). Decreasing birth rates could very well be associated with the idea that children can be financial burdens to their parents as the cost of raising a child exceeds what the child could ever contribute, even in past societies. A more reasonable possibility, however, is that parents have begun to limit the size of their family so that more resources can be allocated to each child (Foster & Shrira 2009). This again brings the reasoning back to the ever-increasing costs of raising children. For example, decent education is now perceived to be an important component of a good life, so parents are now more likely to encourage...

Words: 1852 - Pages: 8

Free Essay

Flight Safety Management

...Flighty safety AVIATION CAREER Flight Safety management Studies UCLA, USA Institute of Aviation Medicine, USA Chairman Board of Inquiry by Theo de Jager Essay Flight Safety 1980 - 1984 Survival and flight safety At the end of my pilot training in Canada, a Dutch classmate crashed because of a mistake that these days would be generally qualified as 'human factor'. Even then, already then, I felt a strong awareness of the importance of flight safety. I remember the slogan put into us during flying training: 'Today is your reward for yesterday's flight safety', a slogan that has stayed with me. There is always a choice between unavoidable and avoidable risks, between adequate self confidence and over confidence. Keeping moments in which margins have to be challenged because of operational requirements, as short as possible. Technical developments have made the aircraft the most reliable means, compared with any other form of transport. The majority of air accidents are now due to the unpredictable human factor. The possibility to study Flight Safety Management, Aircraft Accident Investigation and Aviation Physiology, gave me the opportunity to specialise into this aspect of aviation, after many years of experience as operational fighter pilot, followed by cargo- and...

Words: 2562 - Pages: 11

Premium Essay

Research Paper

...Lecture 1: The needs of lenders and borrowers * Fin markets provide opportunities for lenders and borrowers to get together in a cost effective manner. Robot fin markets do the following: * Enhance investment opp * Improve resource allocation * Promote economic productivity Borrowers are deficit spending units because investments exceed savings. Lenders save more than they end so they’re surplus spending units. How the deficit/surplus units interact * Business – borrower of funds each year (deficit) * Household – supply more funds than they demand (surplus) * Government- net borrower of fund MOST years (deficit) * (1970-1999 deficits) * 1969 was a surplus and last two years of Clinton admin. * Foreign sectors – borrower of funds each year (surplus) * US relies on this sector to contribute funds Lecture 2: Direct and Indirect Finance Type of financial markets * US money market * Securities: Trade short term debt with maturities less than 1 year * Bond market * Securities : Trade long term debt with maturities greater than 1 year * Stock Market * Equities with no debt * Mortgage * Securities relating to realty * Derivatives * Futures and options * Forex * Securities for international trade and investments * Two broad types of financing 1. Indirect * The process in which financial intermediaries borrow funds from...

Words: 2350 - Pages: 10

Free Essay

Training Methods and Their Use

...process that involves the acquisition of knowledge, sharpening of skills, concepts, rules, or changing of attitudes and behaviors to enhance the performance of employees. There are various methods of training, which can be divided in to cognitive and behavioral methods. Trainers need to understand the pros and cons of each method, also its impact on trainees keeping their background and skills in mind before giving training. Cognitive methods are more of giving theoretical training to the trainees. They provide the rules for how to do something, written or verbal information, demonstrate relationships among concepts, etc. These are associated with changes in knowledge and attitude by stimulating learning. The various methods are: * LECTURES * DEMONSTRATIONS * DISCUSSIONS * COMPUTER BASED TRAINING (CBT) * INTELLEGENT TUTORIAL SYSTEM(ITS) * PROGRAMMED INSTRUCTION (PI) * VIRTUAL REALITY Behavioral methods are more of giving practical training to the trainees. They allow the trainee to behavior in a real fashion. These are best used for skill development. The various methods are: * GAMES AND SIMULATIONS * BEHAVIOR-MODELING * BUSINESS GAMES * CASE STUDIES * EQUIPMENT STIMULATORS * IN-BASKET TECHNIQUE * ROLE PLAYS Management development is the more future oriented method and more concerned with education of the employees. To become a better performer by education implies that management development...

Words: 3005 - Pages: 13

Free Essay

Jva Case Study

...traditional values in Japan? A. The burst of the “Bubble Economy”, Japanese generation lacked the same commitment to traditional values. Privatisation of a large number of public corporations since 1980, Expansion of operations in Western and Asian regions. B. Changes to HR policies, New recruitment techniques, and individual benefits. Shift towards individualism. 2.How might Japan’s changing culture influence the way Japanese businesses operate in the future? What are the potential implications of such changes for the Japanese economy? Employees still get benefits but not based on seniority. This leads to a more service based efficient economy. More focus on individualism, loss of employee loyalty, changes to HR startagies, Westernized younger generation, high women contribution, free worker concept Negative implications, outsourcing, low employee engagement, low synergy in team work 3.How did traditional Japanese culture benefit Panasonic during the 1950s–1980s? Did traditional values become more of a liability during the 1990s and early 2000s? How so? It benefited from Confucian values. Built teamwork inside the work place, created strong ties of loyalty, Emphazides harmony and coroporation among employees, Created a more collaborative work place. Employees seeked job security, and retirement, guided by many rules and procedures., employees focused on the future of the company It became a liability because the new generation did not consider all the old values...

Words: 766 - Pages: 4

Premium Essay

Student

...experienced gained at Nairobi City county which has its head office at Nairobi City Hall. Profile Nairobi City County The local government started in 1902. It wa accorded at the Local Authority status by the Local Authority status by the Colonial government. City county of Nairobi , a County government establioshed by the constituition of Kenya. The county has the following departments;Human resource department, Public relaton, Administration,City inspectorate, Legal and Social services, Housin department The county if fully commited to city residenses with services which includes road maintenance, City lighting, Provision of fire brigade, provision of health services, maintenance of environment, provision of clean drinkin water and provision of security. VISION OF NCC To be recognized as one of the most attractive cities in the world MISSION OF NCC To facilitate coordinated development and improved services delivery to stimulate economic activity, high quality of life and become one of the most attractive cities of the world. The quality departments are under public service boars headed by the county secretary. The HR department has various sections which comprises of: Training and evelopment Appointments Human resource Registry Confidential registry and Medical scheme Salaries section Human resource...

Words: 1759 - Pages: 8