PF - Theme 2 Basic Life Planning

Going to social functions is a typical activity performed during

No longer having to work is a typical activity performed during

IRS stands for ...

Identify the category for: doing homework

The life expectancy is increasing each year so people need ...

Everyone has the right and ability to achieve their personal & financial goals

The time spent earning money or being paid money for the work you perform

In general, most of your life is spent in the _____

People need _____ now than in the past in order to retire.

Recently most retireees have had to adjust their standard of living because…

You have an unlimited amount of time to achieve personal & financial success

Inflation must be considered during all phases of life but particularly during _____ because your income is most limited

Inflation is the sustained decrease in the general level of prices

A measure of how efficient an individual is at earning money &/or living on the money they earn is called ...

About what percentage of workers have tried to figure out how much money they will need during retirement

Working full-time is a typical activity performed during

When you don't earn enough $ to support yourself & save for retirement ... (select all correct choices)

Time spent not earning money or improving your chances of earning money

Identify the category for the following activity: Working

a college degree or specialized training can earn @ __ as much over a lifetime than having completed High School

The time spent performing activities that improve your chances of earning money

Identify the category for the following activity: Eating

Life phase that begins when an individual officially enters the work force & ends when they retire

It is possible to eliminate all non-productive time from your schedule

Attending school is a typical activity performed during

Identify the category for: Sleeping

Only lazy, or very wealthy, people have non-productive time.

An estimate of how many years an individual can reasonably expect to live

Approx % the average person’s life is actually spent earning money (Hint:Work phase is only PART of your life)

A person will be able to retire comfortably when they reach their normal retirement age ...

The life expectancy for women is greater than the life expectancy for men.

Recently most retirees have had to _______ their standard of living.

About what percentage of workers have NOT yet started to save for their retirement

Identify the category for: Traveling to and from work

Normal retirement age is determine by ...

Identify the category for: Going to school

Identify the category for: Watching TV

Everyone achieves their personal and financial goals

Identify the category for: Attending social activities

Attending organized activities is a typical activity performed during

only a small percentage of the developing phase is actually spent in school (Hint: How many hours are in school?)

Normal retirement age

The life phase that begins when you are born & ends when you enter the work force

During the work phase, your only concern is earning enough money to support yourself

phase during which you acquire the education & skills that affect your ability to earn money

The IRS is the government agency that ....

Definition: basic necessities, comforts & luxuries an individual is accustomed to

The life phase that begins when an individual no longer has to work and ends when they die

Approx % the average person’s life is actually spent sleeping(Hint: You sleep in ALL phases of your life)

Life expectancy for Americans is _____ each year.