MA.912.FL.4.4

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Collect, organize and interpret data to determine an effective retirement savings plan to meet personal financial goals using spreadsheets and other technology.

Examples

Example: Investigate historical rates of return for stocks, bonds, savings accounts, mutual funds, as well as the relative risks for each type of investment. Organize your results in a table showing the relative returns and risks of each type of investment over short and long terms, and use these data to determine a combination of investments suitable for building a retirement account sufficient to meet anticipated financial needs.

Clarifications

Clarification 1: Instruction includes students researching the latest information on different retirement options. 

Clarification 2: Instruction includes the understanding of the relationship between salaries and retirement plans. 

Clarification 3: Instruction includes retirement plans from the perspective of a business and of an individual. 

Clarification 4: Instruction includes the comparison of different types of retirement plans, including IRAs, pensions and annuities.

General Information
Subject Area: Mathematics (B.E.S.T.)
Grade: 912
Strand: Financial Literacy
Standard: Describe the advantages and disadvantages of financial and investment plans, including insurances.
Date Adopted or Revised: 08/20
Status: State Board Approved

Benchmark Instructional Guide

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Terms from the K-12 Glossary

 

Vertical Alignment

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Purpose and Instructional Strategies

In Math for Data and Financial Literacy, students will research current data to explore different retirement plans and make decisions on the most effective plan based on given situations. 
  • Instruction includes understanding the latest information on the different retirement plans available, such as IRAs, 401k, Pension, Social Security and 403b. Students should be able to compare the different plans and analyze the benefits of each. 
  • Students should be able to use a spreadsheet to show the different plans available from different employers to justify their decision. 
  • Salaries and Retirement Plans 
    Students should use technology to compare salaries and retirement plans in order to make the best overall financial decision.
    • For example, students should have examples for each of the options: IRAs, 401k, Pension, Social Security and 403b. Using this information and technology, students will be able to see which option would benefit them the most in the long run to ensure they are prepared for retirement and at what age. 
  • Business versus Individual Plans 
    Students should understand how the retirement plans from both the individual and business perspective. 
    • For example, provide students with a sample where the cost of the individual and the cost of the business is similar. Students should be able to determine which plan would be most beneficial for them based on their goals? 
  • Retirement Plans 
    Students should be able to compare the different types of retirement plans: IRAs, pension plans and annuities. Based on this information, students will be able to know which type to request and at what percentage. 
    • Instruction helps students determine when it is necessary to have one or all of the plans and why.

 

Common Misconceptions or Errors

  • Students may misinterpret the information provided and determine a retirement plan that is not the most advantageous for employees. 
  • Students may not input the formulas into the spreadsheet correctly and generate an incorrect amount when analyzing the different plans.

 

Instructional Tasks

Instructional Task 1 (MTR.7.1) 
  • Robert is looking for his first job. He is offered a starting salary of $45,000 with a 50% match on his 401k contributions. Based on this information, research the following.
    • Part A. How much should Robert contribute with each paycheck and why?  
    • Part B. What additional retirement accounts should Robert consider? How much should he contribute? Explain.

 

Instructional Items

Instructional Item 1 
  • Monica is starting a new job and the company has given her several options for retirement. 
    • Option 1. Starting salary of $45,000; Employer retirement contributions: 5% match during the first year, 20% match up to year 10, then 100% match beyond year 10 
    • Option 2. Starting Salary of $37,000; Employer retirement contributions: 100% match 
    • Option 3. Starting Salary of $55,000; Employer retirement contributions: 50% match 
    • Option 4. Starting Salary of $70,000; Employer retirement contributions: 0%
  • Which is the best option for Monica and why?

*The strategies, tasks and items included in the B1G-M are examples and should not be considered comprehensive.

Related Courses

This benchmark is part of these courses.
1200388: Mathematics for Data and Financial Literacy Honors (Specifically in versions: 2022 - 2024, 2024 and beyond (current))
1200384: Mathematics for Data and Financial Literacy (Specifically in versions: 2022 - 2024, 2024 and beyond (current))
7912120: Access Mathematics for Data and Financial Literacy (Specifically in versions: 2022 - 2023, 2023 and beyond (current))

Related Access Points

Alternate version of this benchmark for students with significant cognitive disabilities.
MA.912.FL.4.AP.4: Select a retirement savings plan to meet a given personal financial goal.

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