What is your life expectancy? (hint: there are several very good on-line calculators; try LongToLive.com or Living to 100).
Complete the following problems/definitions. ALL of this stuff can be found on the internet (although if you find it elsewhere, that?s fine, too). If you have trouble with links, let me know. Make sure you include the exact website (or other sources as appropriate)
1. What is your life expectancy? (hint: there are several very good on-line calculators; try LongToLive.com or Living to 100). Based on that estimate, at what age do you hope to retire? How much money will you need for the standard of living you want during retirement? (Note: it is helpful to differentiate between today?s dollars & the future value of money.)
2. What is an acute rehabilitation facility versus an assisted living facility versus a nursing home versus memory care? How much does each cost per month in southeastern Wisconsin?
3. Briefly define the following terms:
*suicide clause
*formulary
*birthday rule
*AD & D
*readjustment income
*backdating
*advance directive
4 What do you expect to get in terms of a monthly Social Security payment when you retire at ?full? benefits age? If you retire early? If you keep working until age 70?
5. Draw up a budget for a funeral. Be specific ? burial v. cremation, casket and vault if need be, burial, etc. What happens if someone dies and their family can?t afford a funeral?
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