How To Plan For Retirement

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1 13 th Editio PERSONAL FINANCIAL PLANNING Lawrence J. Gitman, Ph.D., CFP - San Diego State University Michael D. Joehnk, Ph.D., CPA - Arizona State University Randall S. Billingsley, Ph.D., FRM, CPA - Virginia Tech / SOUTH-WESTERN CENGAGE Learning'

2 Brief Preface, ix About the Authors, xviii PARTI FOUNDATIONS OF FINANCIAL PLANNING, 1 Chapter 1 Understanding the Financial Planning Process, 2 Chapter 2 Using Financial Statements and Budgets, 41 Chapter 3 Preparing Your Taxes, 80 PART 2 MANAGING BASIC ASSETS, 117 Chapter 4 Managing Your Cash and Savings, 118 Chapter 5 Making Automobile and Housing Decisions, 154 PART 3 MANAGING CREDIT, 207 Chapter 6 Using Credit, 208 Chapter 7 Using Consumer Loans, 250 PART 4 MANAGING INSURANCE NEEDS, 285 Chapter 8 Insuring Your Life, 286 Chapter 9 Insuring Your Health, 324 Chapter 10 Protecting Your Property, 363 PART 5 MANAGING INVESTMENTS, 397 Chapter 11 Investment Planning, 398 Chapter 12 Investing in Stocks and Bonds, 445 Chapter 13 Investing in Mutual Funds, ETFs, and Real Estate, 490 PART 6 RETIREMENT AND ESTATE PLANNING, 537 Chapter 14 Planning for Retirement, 538 Chapter 15 Preserving Your Estate, 578 Appendix A Table of Future Value Factors, 616 Appendix B Table of Future Value Annuity Factors, 617 Appendix C Table of Present Value Factors, 618 Appendix D Table of Present Value Annuity Factors, 619 Appendix E Using a Financial Calculator, 620 Index, 622 Brief

3 Preface, ix About the Authors, xviii PART 1 FOUNDATIONS OF FINANCIAL PLANNING, 1 CHAPTER 1 Understanding the Financial Planning Process, 2 The Rewards of Sound Financial Planning, 3 The Persona/ Financiai Planning Process, 7 WORKSHEET 1.1 Summary of Personal Financial Goals, 14 From Goals to Plans: A Lifetime of Planning, 15 WORKSHEET 1.2 Analyzing the Benefit of a Second Income, 21 The Planning Environment, 29 What Determines Your Personal Income?, 34 ARIEL SKELLEY/BLEND IMAGES/JUPITER IMAGES CHAPTER 2 Using Financial Statements and Budgets, 41 Mapping OutYour Financial Future, 42 The Balance Sheet: How Much Are You Worth Today?, 44 WORKSHEET2.1 Balance Sheet for Rick and Beth Fletcher, 46 The Income and Expense Statement: What We Earn and Where It Goes, 49 WORKSHEET 2.2 Income and Expense Statement for Rick and Beth Fletcher, 51 Using Your Personal Financial Statements, 55 Cash In and Cash Out: Preparing and Using Budgets, 59 WORKSHEET 2.3 The Fletchers' Annual Cash Budget by Month, 61 WORKSHEET 2.4 The Fletchers' Budget Control Schedule for January, February, and March 2016, 66 TheTime Value of Money: Putting a Dollar Value on Financial Goals, 67 CHAPTER 3 Preparing Your Taxes, 80 Understanding Federal IncomeTax Principles, 81 It's Taxable Income that Matters, 85 Calculating and Filing yourtaxes, 91 WORKSHEET Tax Return (Form 1040EZ) for Hiro Tanaka, 96 WORKSHEET Tax Return (Form 1040) for the Sullivans, 99 Other Filing Considerations, 103 Effective Tax Planning, 109 PART 2 MANAGING BASIC ASSETS, 117 CHAPTER 4 Managing Your Cash and Savings, 118 The Role of Cash Management in Personal Financial Planning, 119 FUSE/JUPITER IMAGES Today's Financial Services Marketplace, 121 A Full Menu of Cash Management Products, 125 Maintaining a Checking Account, 133 WORKSHEET 4.1 An Account Reconciliation Form: Jeremy Bentley's May 2015 Statement, 140 Establishing a Savings Program, 141 v

4 CHAPTER 5 Making Automobile and Housing Decisions, 154 Buying an Automobile, 155 Leasing a Car, 164 WORKSHEET 5.1 Comparing Stella Rather's Automobile Lease versus Purchase Costs, 168 Meeting Housing Needs: Buy or Rent?, 169 WORKSHEET 5.2 Rent-or-Buy Cost Comparison, 175 How Much Housing Can You Afford?, 176 WORKSHEET 5.3 Home Affordability Analysis for the Compton Family, 184 The Home-Buying Process, 186 Financing the Transaction, 192 WORKSHEET 5.4 Mortgage Refinancing Analysis for the De Luca Family, 199 PARTS MANAGING CREDIT, 207 CHAPTER 6 Using Credit, 208 The Basic Concepts of Credit, 209 Credit Cards and OtherTypes of Open Account Credit, 215 WORKSHEET 6.7 Eva/uaf/ng Ybur Cred/f, 216 Obtaining and Managing Open Forms of Credit, 230 Using Credit Wisely, 239 :0BURN, 2009/USED UNDER LICENSE FROM SHUTTERSTOCK.COM CHAPTER 7 Using Consumer Loans, 250 Basic Features of Consumer Loans, 251 Managing Your Credit, 261 Single-Payment Loans, 264 WORKSHEET 7.1 Tracking Your Consumer Debt, 265 Installment Loans, 271 WORKSHEET 7.2 To Borrow or Not to Borrow, 278 PART 4 MANAGING INSURANCE NEEDS, 285 CHAPTER 8 Insuring Your Life, 286 Basic Insurance Concepts, 287 Why Buy Life Insurance?, 289 How Much Life Insurance Is Right foryou?, 290 WORKSHEET 8.1 Determining the Meeses' Need for Life Insurance, 295 What Kind of Policy Is Right foryou?, 297 Buying Life Insurance, 308 Key Features of Life Insurance Policies, 314 DON BAYLEY/IST0CKPH0T0 COM CHAPTER 9 Insuring Your Health, 324 The Importance of Health Insurance Coverage, 325 Health Insurance Plans, 327 Health Insurance Decisions, 334 Medical Expense Coverage and Policy Provisions, 339 WORKSHEET 9.1 Health Insurance Checklist, 341 Long-Term-Care Insurance, 348 Disability Income Insurance, 353 WORKSHEET 9.2 Estimating Disability Income Insurance Needs, 354

5 CHAPTER 10 Protecting Your Property, 363 Basic Principles of Property Insurance, 364 Homeowner's Insurance, 368 Automobile Insurance, 378 Other Property and Liability Insurance, 387 Buying Insurance and Settling Claims, 388 PART 5 CHAPTER 11 CHAPTER 12 CHAPTER 13 MANAGING INVESTMENTS, 397 Investment Planning, 398 The Objectives and Rewards of Investing, 399 WORKSHEET 11.1 Determining the Amount of Investment Capital, 403 Securities Markets, 408 Making Transactions in the Securities Markets, 415 Becoming an Informed Investor, 422 Online Investing, 427 Managing Your Investment Holdings, 432 WORKSHEET 11.2 Keeping Tabs on Your Investment Holdings, 437 Investing in Stocks and Bonds, 445 The Risks and Rewards of Investing, 446 Investing in Common Stock, 454 Investing in Bonds, 469 Investing in Mutual Funds, ETFs, and Real Estate, 490 Mutual Funds and Exchange Traded Funds: Some Basics, 491 Types of Funds and Fund Services, 504 Making Mutual Fund and ETF Investments, 512 Investing in Real Estate, 523 STAN HONDA/AFP/GETTY IMAGES/ NEWSCOM PART 6 CHAPTER 14 CHAPTER 15 RETIREMENT AND ESTATE PLANNING, 537 Planning for Retirement, 538 An Overview of Retirement Planning, 539 WORKSHEET 14.1 Estimating Future Retirement Needs, 543 Social Security, 548 Pension Plans and Retirement Programs, 552 Annuities, 565 Preserving Your Estate, 578 Principles of Estate Planning, 579 Thy Will Be Done..., 586 WORKSHEET 15.1 A Checklist of Items to Keep in a Safe-Deposit Box, 593 Trusts, 598 Federal Unified Transfer Taxes, 602 Calculating Estate Taxes, 606 WORKSHEET 15.2 Computing Federal Estate Tax Due, 608 Estate Planning Techniques, 609 STAN HONDA/AFP/GETTY IMAGES/ NEWSCOM vii

6 Appendix A Table of Future Value Factors, 616 Appendix B Table of Future Value Annuity Factors, 617 Appendix C Table of Present Value Factors, 618 Appendix D Table of Present Value Annuity Factors, 619 Appendix E Using a Financial Calculator, 620 Index, 622 viii

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