Economic Security Retirement Writing Project
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Economic Security – Retirement take a big breath and go SLOW… it just looks overwhelming! Read through it first then tackle a section at a time.
Assignment: (READ THIS CAREFULLY!!) You will earn a grade REDUCTION for not following directions (and this also means for not
following the calculation directions)!!
1. –watch the 4 videos provided
-Read Chapter 10: Economic Well Being (PDF Provided)
CALCULATION SECTION (1,2 & 3)
1.FIRST you need to determine how old you think you will be when you retire? You MUST decide on an age
for this assignment (HINT: right now, you will need to be 67 to collect full Social Security Benefits. Once you
have an age, then RUN a CALCULATION (link–>) https://www.yourmoneypage.com/retire/retirecnt.php ….
HOW MANY DAYS do you have until retirement – (helpful HINT: run the calculator using AGE).. Record the
results! You will need them for the written portion.
2.Now lets see how much you have to save for retirement. Go to the (link–>)
How much will I need to save for Retirement Calculator
(http://www.calcxml.com/calculators/retirement-calculator) and follow these directions:
a) put in your CURRENT age.. (23)
b) For your salary amount, I want you to use either what you are already in the workforce OR the median salary for
2021 ($50k). The AVERAGE professional salary for 2021 is around $70k, service occupations are averaging $34k
annually. Unfortunately, there is still the glass ceiling and women are making less than men in the same job!
Remember… these figures are medians (in the middle)… so If you think you’ll be making $100k, then use that amount.
If you plan to make $1million a year, then by all means, use that figure
- Let’s look at this differently….so the AVERAGE salary for 2021 is roughly $70,000… many of you still have 40 years to work before you retire… if we calculate the average salary to 2060, with inflation, the average salary will calculate to $228k using a Forward Flat Rate Inflation Calculator –> https://www.calculator.net/inflation-calculator.html… (in other words, your kids will be making $228k in 40 years which is equivalent to the 2021 average salary of $70k)
- I know… you’re thinking.. wow, that’s crazy, however, the AVERAGE salary in 1970 was $7,000 (YES, 7k)…. the AVERAGE salary in 1980 was $19,170 per year.
- AND Remember, things are going to be more expensive. The AVERAGE new car cost in 1970 was $3,542 (and $7,210 in 1980)… The AVERAGE new car cost today is over $30,000…. OMG… what will a car cost in 40 years. You’ll be one of those people saying to your grandkids… oh, I remember when you could buy a cup of coffee for under $5 at Starbucks… ahahahah (TRIVIA: when I got my first car, gas was 50cents a gallon and I paid under $2k for a new Toyota Corolla)
let’s keep going with the calculator…..
c) If you already have any retirement savings, add it…. if not, leave this blank
d) the inflation rate: use 2% for this assignment (right now, inflation is low… which means we are making little interest on investments).
e) input your desired retirement age that you calculated in the above question. (remember, the earlier you retire, the longer your money has to last you!!)…….
f) you’ll have to do some math here… use your Living to 100 age from your previous assignment and SUBTRACT your retirement age to get the figure for Number of Years of Retirement Income.…. (example: you want to retire at 67 and you are going to live until 85, then you are going to need to save enough money to support you for 18 years)
( MESSAGE for TUTOR: I DID THIS PART ALREADY, I WAS GIVEN AGE 89)
g) experts suggest between 80 – 100% replacement rate for retirement… I suggest using 80% but you can use 90% if you want to be conservative and don’t like RISK…. (this means that if you are making $200k a year when you retire, you will need $160k (80%) a year in retirement to live the same lifestyle.. think: pay rent/mortgage/property tax, health insurance, taxes, gas, food, utilities, travel, going to the movies, treat for the grandchildren, etc)
h) keep the investment return where it is…
i) and you can leave the Social Security projected benefits question blank!
Save the RESULTS…. Write them down for your paper!!
3.Now let’s think about all the little things that we spend money on… think WANT vs NEED.…. did you go to Starbucks today? Do you smoke? Run through the car wash rather than wash it at home? Swing by the Dispensary? Pay for parking instead of walking farther? Grab some fast food? Throw out food in your fridge because it spoiled before you ate it? Buy another song or app or game for your computer/phone? Shopping expense (ULTA, Amazon, click sites, expensive presents for friends/family)? We all can SAVE a bit more than we currently are.
- Have you ever heard of the LATTE FACTOR? Let’s give it a try.…
- FIRST... think of something that you spend money on every week (that is more of a WANT versus a NEED)…. and do the calculation:
- Example: let’s say instead of going out to eat, you brought your lunch to work/school and saved $10 a day (you can use the amount you might spend by driving thru for fast food instead of cooking, or buying an app or game, buying make-up, getting a manicure, buying more clothes, the list is endless…) … NOTE: if you are NOT spending money now, either think back to before Covid, or think about what you would WANT to spend on if you had the funds.
- SECONDLY: Okay, now you have a Dollar Amount… so rather than spend it, you SAVED that money and put it away in an investment account… the Stock Market has AVERAGED over 10% since it began…. so use 10% in your calculation… AND put in the number of years you are going to save (this should be the number of years you have to work until you want or CAN retire… example: you are 22 and want to retire at 67.. that would be 45 years in the work world).
- Calculate here: (link–>) CALCULATE HERE if that doesn’t work, go here: http://financialmentor.com/calculator/latte-factor-calculator.
- NOTE: I want to know how much you spent total AND I want you to provide your results WITH the possible INTEREST, don’t just tell me the amount of money you spent, I also want you to include what would it be with interest too!.
NOW THE WRITTEN ASSIGNMENT: This is what you need to WRITE: (unfortunately, really short answers that don’t thoroughly answer each question are going to result in point loss!!)
Now I want to know what YOUR retirement plan is? LABEL EACH!!! A, B, etc.
A) – (you will have 2 bullets x 2 points each)
- What age did you pick for your desired retirement and tell me WHY did you pick this age… (you plan to inherit a trillion dollars, winning the lottery, working till you drop? WHAT?).
- How many days do you have to work till retirement (this is the result from the calculator above)? What do you think about this? Thrilled that you have time to work because you love it? Scared because you want to retire and this is too short of a time period?
B) – (you will have 3 bullets x 2 points each)
- What was your Livingto100 Age (previous assignment)? (full sentence!!)
- What did you calculate for the “number of years of retirement income” you will need? This is from the CALCULATIONs above (Q2 where you did the calculator) (full sentence!!!)
- now what do you think about this amount for this many years? Can you stick to their suggestion? Are you worried (and relate to the posted videos too)? What if there is no Social Security ? What if you are supporting a house, your kids, AND your parents?
C) – (you will have 4 bullets x 4points each)
- WHAT did you decide that you spend money on you could do without… this is what you used for the Latte Factor calculator… this should be a WANT that you can cut out of your current spending (how much is your cellphone bill? netflix? amazon? eating out or buying coffee? boba? smoothies? Uber? fast food when you could be bringing your lunch to work/school, SOMETHING!) NOTE: If you are being supported by someone else, pretend that YOU are footing the bill…yeah, your parents are buying your toilet paper right now, but eventually, you’ll have to buy it!
- What amount did you use for the Latte Factor calculator and how much did the calculator indicate you would save (tell me the number of years you are going to be saving)… were you surprised? can you do it? (I want the total amount you will spend AND the total amount with Interest from the calculations)
- have you already started to save? Why? or Why NOT? Are you currently taking advantage of any retirement plans at work? why? why not? Did your parents set anything up for you when you were young? Tell me what your current savings routine is…. or isn’t!
- AND I want you to relate your spending/saving to the videos… reference something SPECIFIC in the videos that is making you think about your spending habits.
D) – (you will have 4 bullets x 3 points each)
- I want you to tell me about the posted videos. … Pick FOUR of the videos from the homepage (TOTAL 4 reviews). I want you to think of a WOW moment ( don’t forget to reference SPECIFICS that you found in the videos AND the article) and WHY it was a wow moment and WHAT you think about it. … Think about: what stood out to you… It needs to relate to the topic of the video and DO NOT just tell me “it was a wow moment because I didn’t know that”… . ). REMEMBER… you will have 4 bullets for this section
- E) (you will have 4 bullets x 1.5 points each)
- Now…. Wrap it all up with a conclusion paragraph (USE BULLETS!!! you will have 4 bullets).
- Have you even thought about this topic before? Why? why not?
- How are you feeling after this assignment? Tell me your thoughts about this whole assignment.
- AND are you worried about your parents having enough retirement savings (do they have any? are they going to live with you?)
- Do you have any recommendations for yourself?
____________________________________________
GRADING CRITERIA:
- WORD or pdf document ONLY…(MINIMUM WORD COUNT: 1000 words) This should be very EASY to achieve… and of course, more is okay too
- first person (I think, I was surprised, I am….)
- Label each of your section: (example: A, B, C, D… or 1,2,3,4) USE BULLETS for each answer under your sections
- Question response
- College Level writing skills, format, word count
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER
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