Planning for a comfortable retirement

SubjectMathematics YearYear 10 CurriculumAC v9.0 Time200

Access denied

Please login or register to take this course.

Introduction

In this activity, students learn factors that affect super balances at retirement, including consolidating their super funds, making super contributions and extending their working life. They also explore how much super they need to live comfortably in retirement and the steps they need to take to achieve this.

Australian Curriculum or Syllabus

Achievement standard

By the end of Year 10, students recognise the effect of approximations of real numbers in repeated calculations. They use mathematical modelling to solve problems involving growth and decay in financial and other applied situations, applying linear, quadratic and exponential functions as appropriate, and solve related equations, numerically and graphically. Students make and test conjectures involving functions and relations using digital tools. They solve problems involving simultaneous linear equations and linear inequalities in 2 variables graphically and justify solutions.

Students interpret and use logarithmic scales representing small or large quantities or change in applied contexts. They solve measurement problems involving surface area and volume of composite objects. Students apply Pythagoras’ theorem and trigonometry to solve practical problems involving right-angled triangles. They identify the impact of measurement errors on the accuracy of results. Students use mathematical modelling to solve practical problems involving proportion and scaling, evaluating and modifying models, and reporting assumptions, methods and findings. They use deductive reasoning, theorems and algorithms to solve spatial problems. Students interpret networks used to represent practical situations and describe connectedness.

They plan and conduct statistical investigations involving bivariate data. Students represent the distribution of data involving 2 variables, using tables and scatter plots, and comment on possible association. They analyse inferences and conclusions in the media, noting potential sources of bias. Students compare the distribution of continuous numerical data, using various displays, and discuss distributions in terms of centre, spread, shape and outliers. They apply conditional probability to solve problems involving compound events. Students design and conduct simulations involving conditional probability, using digital tools.

Content descriptions

Use mathematical modelling to solve applied problems involving growth and decay, including financial contexts; formulate problems, choosing to apply linear, quadratic or exponential models; interpret solutions in terms of the situation; evaluate and modify models as necessary and report assumptions, methods and findings (AC9M10A04)

Teacher resources

In order to see the resources you must Register or Login if you already have an account.

 
Video

Making your super work better

 
Video

Choosing a super fund

Student learning resources

In order to see the resources you must Register or Login if you already have an account.

 
Explainer

How much super will you need?

 
Worksheet

Maximising your retirement income

 
Investigation

Maximising your superannuation

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: Strategies for maximising your retirement income

  1. Invite students to imagine their lives backwards.

You are 60 years old and want to retire. What sort of retirement do you want?

  1. Students read the How much super will you need? – Explainer or read it as a class and answer the questions.
    1. What is super?
    2. 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.)
  2. Play: Making your super work better.
  3. Discuss the key messages:
    • Consolidating super and finding lost super
    • Making voluntary contributions
    • Salary sacrificing
  4. Students complete part 1 of Maximising your retirement income – Worksheet. If necessary, review how to use the compound interest formula.
  5. Invite answers to the questions and discuss with the students what they found interesting.
  6. Students complete the remainder of worksheet. They will need to access the following moneysmart calculators:
  7. Discuss with the students their findings and what interested them.

Part B: Applying learning to students’ own lives

  1. Play: Choosing a super fund.
  2. Discuss with students some of the factors they need to consider when choosing a super fund.
  3. Students complete and submit their investigations.