BM 410-1 Day One Notes and Objectives



MBA620/Fin 418 Day 21 Summary

Sudweeks

2019

Introduction

I shared the Jonathan Clements article: Off your rocker: Passions and Purpose?

There needs to be a purpose to retirement

I shared the Video of the Waterslide. What if retirement isn’t what you planned? Think out your retirement then plan it well

We reviewed Accumulation, Retirement, and Decumulation stages

You must determine strategies for each area.

Accumulation: save 20%, 10% for retirement

Retirement: annuitize “minimum safety level”, more if less risk averse, less if more risk averse

Decumulation: move money from traditional to Roths

Retirement Planning 3: Understand Employer Qualified Plans

Understand Employer Qualified Retirement Plans

We discussed what are Qualified Retirement Plans with characteristics, forms, limits and changes

We talked about jobs and how pension plans can make a difference in your choice of work

Understand the difference between Defined Benefit and Defined Contribution Plans

We talked about Defined Benefit Plans and their benefits and challenges

Defined Benefit Pension, Cash Balance Pension plans

We talked about Defined Contribution Plans and their benefits and challenges

Discretionary, Fixed Contribution, and Salary Reduction

We discussed the benefits and challenges of the Roth versus traditional decision

We talked about limits, vesting, and required distributions

We discussed the difference between the Roth and traditional 401K/403b/IRA plans

We used Teaching Tool 28: Roth versus Traditional? Which is better?

Retirement Planning 4: Understand Small business and self-employed plans

Understand retirement plans for the self-employed and small businesses

We talked about Small Business Retirement plans and the benefits of a few types

Understand Individual Retirement Accounts

We discussed IRAs: Which IRA to Choose?

How do you determine which is better?

We discussed when you would choose a Roth and when you would choose a traditional IRA

We talked about IRA Required Annual Distributions

How much must you take out?

We talked about IRA annual limits and deductibility, and when does converting to a Roth make sense

PowerPoint Discussion: Individual Retirement Plans

Take Aways

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Thought

On Retirement

President Dieter Uchtdorf

Dieter F. Uchtdorf, “Two Principles for Any Economy,” Ensign, Nov 2009, 55–58

Work can be ennobling and fulfilling, but remember Jacob’s warning to not “spend . . . your labor for that which cannot satisfy” (2 Nephi 9:51). If we devote ourselves to the pursuit of worldly wealth and the glitter of public recognition at the expense of our families and our spiritual growth, we will discover soon enough that we have made a fool’s bargain.

Remember, we are only temporary travelers in this world. Let us not devote our God-given talents and energies solely to setting earthly anchors, but rather let us spend our days growing spiritual wings. For, as sons of the Most High God, we were created to soar unto new horizons.

Now, a word to us seasoned brethren: retirement is not part of the Lord’s plan of happiness. There is no sabbatical or retirement program from priesthood responsibilities—regardless of age or physical capacity. While the phrase “been there, done that” may work as an excuse to avoid skateboarding, decline the invitation for a motorbike ride, or bypass the spicy curry at the buffet, it is not an acceptable excuse for avoiding covenant responsibilities to consecrate our time, talents, and resources in the work of the kingdom of God.

There may be those who, after many years of Church service, believe they are entitled to a period of rest while others pull the weight. To put it bluntly, brethren, this sort of thinking is unworthy of a disciple of Christ. A great part of our work on this earth is to endure joyfully to the end—every day of our life.

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