Planning for retirement
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Introduction
In this activity, students learn factors that affect super balances at retirement, including wages, making super contributions, taking time off work and extending their working life. In doing so, they consider how circumstances affect the decisions people make about their superannuation. They also explore how much super they need to live comfortably in retirement and the steps they need to take to achieve this.
Achievement standard
By the end of Year 10, students analyse how economic indicators influence Australian Government decision-making. They explain ways that government intervenes to improve economic performance and living standards. They explain processes that businesses use to manage the workforce and improve productivity. They explain the importance of Australia’s superannuation system and its effect on consumer and financial decision-making. Students analyse factors that influence major consumer and financial decisions, and explain the short- and long-term effects of these decisions.
Students develop and modify a range of questions to investigate an economic and business issue. They locate, select and analyse relevant and reliable information and data from a range of sources. They interpret and analyse information and data to evaluate trends and economic cause-and-effect relationships, and make predictions about consumer and financial impacts. They develop an evidence-based response to an economic and business issue. They evaluate a response, using appropriate criteria to decide on a course of action. Students use economic and business knowledge, concepts, and terms to develop descriptions, explanations and reasoned arguments that synthesise research findings.
Content descriptions
Economics and Business Knowledge and Understanding
Factors that influence major consumer and financial decisions, and the short- and long-term consequences of these decisions. (AC9HE10K03)
The importance of Australia’s superannuation system and how this system affects consumer and financial decision-making. (AC9HE10K04)
Economics and Business Skills
Locate, select and organise information and data from a range of sources. (AC9HE8S02)
Interpret information and data, explaining economic and business issues, trends and economic cause-and-effect relationships, and make predictions about consumer and financial impacts. (AC9HE10S03)
Develop and evaluate a response to an economic and business issue, using cost-benefit analysis or criteria to decide on a course of action. (AC9HE10S04)
Create descriptions, explanations and arguments, using economic and business knowledge, concepts. And terms that incorporate and acknowledge and research findings. (AC9HE10S05)
Teacher resources
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Making your super work better
Student learning resources
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How much super will I need?
Boosting your retirement income
Planning for retirement
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Suggested activity sequence
This sequence is intended as a framework to be modified and adapted by teachers to suit the needs of a class group. If you assign this activity to a class, your students will be assigned all student resources on their 'My learning' page. You can also hand-pick the resources students are assigned by selecting individual resources when you add a work item to a class in 'My classes'.
Part A: How much super will you need?
- Invite students to imagine their lives backwards.
You are 60 years old and want to retire. What sort of retirement do you want?
- Students read the How much super will you need? – Explainer or read it as a class and answer the questions.
- How much super will I need?
(Students should select a response from each row of the table that represents how they would like to live when they are older. This will help them to determine what type of income they will require when they retire.)
- How much super will I need?
Part B: Contributing to super
- Play: Making your super work better. The first half of this video will support students to consolidate their understanding about finding lost super and consolidating super accounts. The second half introduces the concept of contributing to super and the difference it can make.
- Discuss the key messages:
- Consolidating super and finding lost super
- Making voluntary contributions
- Salary sacrificing
- Optional: To deepen student learning and make them aware of how the government supports low-income earners to grow their super, have students read Contributing to super – Explainer.
- Students complete the worksheet. They will need to access the following moneysmart calculators:
- Discuss with the students their findings and what interested them.
- Collect students’ extended responses to the worksheet questions so you can make judgements about their performance in relation to the standard.
Part C: Planning for retirement
The following activity could be completed in students’ own time.
- Students complete the investigation.
- Collect students’ paragraphs and advice to make judgements about their performance in relation to the standard.
- Discuss with students some of the factors they need to consider when planning for retirement.