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5. Franklin is 30. He is counting on collecting his full Social Security benefits in 25 years and enjoying life. Can he collect benefits then? _ ______________________________________________________________________________ _ ______________________________________________________________________________ 6. Franklin’s mother is now 64. Is she eligible for Medicare ? _ ______________________________________________________________________________ 7. Franklin has an earnings history and a Social Security number. He’d like to track how much money he’ll receive in Social Security benefits when he’s is 67. Where can he go to find out? _ ______________________________________________________________________________ 8. TTT has a graded vesting schedule for their 401K program. Franklin thinks this has something to do with whether the retirement plan gets a grade of A, B or C from the employees. Please explain to him what a graded vesting schedule is. _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ 9. Franklin’s friend Frida is a freelance chef. Franklin feels sorry for her because she has no retirement fund. She tells him not to worry, she has an IRA ! He thinks that’s her rich new boyfriend. Explain to Franklin what an IRA is. Are there more than one type? If so, name them. _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ 10. Franklin has been participating in TTT’s 401K for 3 years and 10 months. He’s had his eye on a job with another company across town. They’re hiring and he’s thinking about changing jobs . Regarding his 401K, what’s your advice? _ ______________________________________________________________________________ _ ______________________________________________________________________________ PRODUCT PREVIEW
THE 21st CENTURY STUDENT’S GUIDE TO FINANCIAL LITERACY 187
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