PART I:
Directions: Using Microsoft® Word to save and submit your work, please provide detailed and elaborate responses to the following questions. Your responses should include examples from the reading assignments.
1. What are the key steps in retirement planning?
2. Why is retirement planning important?
3. What are the possible sources of income for retirees?
4. What is estate planning, and how does your personal situation affect that planning?
5. Explain what a will is and what occurs at your death if you do not have one.
6. What are some common reasons for setting up a trust?
7. What types of housing options are available to retirees?
8. What types of expenses might increase during retirement?
9. How can retirees avoid housing traps?
10. Explain the difference between a defined-contribution and defined-benefit plan.
11. Describe some of the most common retirement misconceptions and explain what you should do if you hold to any of those misconceptions.
12. What are the federal and state tax considerations in estate planning?
13. How do wills and trusts help in planning your estate?
PART II
Write a 2-3 page, double-spaced paper in 12 pt. font answering the following question. Please use APA format.
Using the Internet to Obtain Information about Wills. Visit Metropolitan Life Insurance Company's web page. Using this information, prepare a report on the following: (a) Who needs a will? (b) What are the elements of a will (naming a guardian, naming an executor, preparing a will, updating a will, estate taxes, where to keep your will, living will, and etc.)? (c) How is this report helpful in preparing your own will?