Submitted by homeboi808 t3_11eboab in personalfinance
SeaworthinessOk4046 t1_jad813w wrote
I would do a few longitudinal concepts that tie a number of the above components together. For instance:
- what is compounding and how does it work. talk about how a little investing now makes a big difference in decades.
- why is it important to save for retirement? detail a situation where a student makes (say) 80k/year and saves nothing for retirement and then gets to retirement age (at whatever age your students would be eligible) and show how much they would get from SS. likely much less then what they were making. then detail what an IRA is and the value of compounding over decades. this also ties in the stock market concept (equities and bonds)
- doing your own taxes. work through how taxes work for simple w-2 income and various income levels. standard deduction and what it means. then apply this concept to taking a distribution from your IRA when retired-- key point is that tax planning is important.
- health care. why its important and consequences if you don't have it. when its provided by an employer, obama care, medicare
- EDIT added: congressional spending versus the national debt. this will be in the news. the key here is that increasing the national debt limit doesn't increase spending, it just allows the government the ability to fulfill the obligations congress has already authorized via legislation on spending. mention that most countries don't have this debt limit brick wall that we have to deal with every couple of years
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