This is the twelfth Capstone project installment as outlined in Module A located in the Learning Modules section.
The purpose of this installment is to describe the benefits of tax-sheltered retirement accounts, determine the amount required to fund a targeted retirement savings, and develop a plan for the distribution of estate assets.
Respond to the following by providing at least one paragraph for each item and support your response.
Describe the benefits of tax-sheltered retirement accounts by providing three examples that you would utilize to reduce the Federal income taxes on the $65,000 of taxable wages in connection with this project.
Determine the amount required to fund a targeted retirement savings. For our response to this item, provide a summary of your findings to the following:
To determine the annual income needed in retirement, start with your Capstone #9 Annual Budget & Balance Sheet Excel spreadsheet and modify the total expenses (exclude savings and investment amounts) for any anticipated post-retirement changes you envision.
Next, complete the worksheet entitled “Run the Numbers: Estimating Your Retirement Savings Goal in Today’s Dollars” in Chapter 17, making assumptions about other available funds in connection with your simulated lifestyle. To estimate your Social Security Benefits, you can use the Retirement Estimator if you are comfortable. Otherwise, you can use the amount given as an example in the “Run the Numbers” section. Summarize your findings.
Note: you will not be submitting an updated spreadsheet – you will be using this information in your written summary for this requirement.
Develop a plan for the distribution of your Capstone estate assets by preparing a list of family members, friends, etc. who would become heirs to specific assets including your residence, vehicle, personal property, bank accounts, retirement funds, and life insurance proceeds. Next, indicate how you would utilize a will, trust, and any other documents which you believe would be necessary.
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