Financial Literacy & Retirement Preparedness
|Venue:||FIU Downtown Brickell 1101 Brickell Avenue, FDBS 226 Miami, FL 33131|
Two-day program on Tuesday, September 12 - Wednesday, September 13, 2017 from 8:30am - 4:30pm.
Amid past mistakes and future concerns, balancing challenging financial priorities may appear to be a frightening task. This seminar will help you identify and develop a practicable plan to reach your financial goals and set yourself up for long-term success. Whether you want to pay off debt, save for retirement or cut back on living expenses, learn the tools you need to take control of your finances once and for all.
Fairly little is known as to why people fail to plan for retirement and whether planning can affect retirement saving patterns. The financially savvy are more likely to plan and succeed in their planning.
Healthy spending habits impact your financial future and begin with awareness. Developing a healthy spending and saving plan provides you with resources available for unexpected events and expenses. It is vital to understand your financial needs versus your wants.
From 401(k) s to IRAs to choosing investments, retirement can seem complicated. However, with a few easy-to-follow techniques, your accounts will be easier to manage. Learn the basics of investing, including which account is right for you, how to pick the best investments for your goals and how to minimize fees and taxes in the long run.
This seven session module will provide you with the financial understanding on how to build and secure your finances for current and future situations. Becoming more knowledgeable and confident about your finances makes for a less stressful, happier life while making better financial decisions. What better way than to be financially educated!
Module One: Healthy Spending
Introduction of the basic steps for setting up a budget to keep tabs on your cash inflow and outflow.
- Understanding the importance of healthy spending
- Knowing when and how much to spend in an effective and efficient way
- Learning how to budget
- Understanding your financial priorities
Module Two: Savings
This module emphasizes a basic approach to spending, saving, and planning practices to achieve financial stability.
- Understanding the importance of saving in today’s economy
- Preparing yourself for life’s unexpected events
- Establishing savings to meet future homeownership goals
- Getting on the right path with your workplace savings plan
Module Three: Investments
Learn how to actively evaluate your investment portfolio and build a tax-smart investing strategy. This module is designed to address alternative savings needs.
- Understanding the importance of investing your money
- Determining an appropriate investment mix
- Selecting investment options that fit your investment approach
- Managing your investment strategy to help meet your long-term goals
Module Four: Loan Management
This module will cover the practical application of personal money management concepts with an emphasis on using credit responsibly and how to make informed financial decisions regarding spending. This session also includes information about credit cards,student/personal/mortgage/car/private loans and credit scores. Importantly, the module expresses the impact of your current credit decisions on future employment and wealth buildup.
- Understanding the importance of making timely payments and additional payments made to principle of loan
- Detecting problem loans, best practices of loan performance monitoring and early warning signals
- Restructuring loans to avoid defaults, exercising the collateral, confirming the bank’s position with the borrower in preparation for negotiation with the borrower
- Negotiating problem loans
- Maintaining a great relationship with lenders
Module Five: Understanding Your Credit and Protecting Your Information
Everyone is able to get their credit report at the click of a fingertip, but how many people have a fundamental understanding of what credit bureaus are and how they work? In this module, you will learn how to read your credit report, understand the meaning of your score, and how to clean up your credit if you’ve become a target of debt.
Identity theft comprises all types of crime in which someone wrongfully obtains and uses another person's personal information in some way that involves fraud, typically for economic gain. Learn tools and techniques in protecting your identity in an era of social media.
- Understanding your credit score and maintaining a healthy credit score
- Realizing how credit score affects whether or not you qualify to get a loan/credit card
- Understanding how financial fraud affects you
- Recognizing fraudulent requests for personal information and potential impacts
- Keeping your social security private and its importance
- Protecting your information for tax purposes
Module Six: Retirement Planning
The transition from full-time work to complete retirement involves many complex decisions concerning income needs in retirement, the management of retirement wealth, employer pensions and general retirement (457 state deferred compensation plan) programs. Many of these decisions are irreversible and have long-term implications for economic well-being in retirement. In order to make the best choices, individuals need a sufficient level of financial literacy and a detailed understanding of the characteristics of their retirement plans. This module provides an understanding of the role of financial literacy in retirement and investment decisions, and illustrates how enhanced literacy can lead to more appropriate decisions for labors as they transition into retirement.
- Designing your financial road map
- Understanding the importance of asset allocation in retirement
- Recognizing the elements for building your retirement income strategy
Module Seven: Risk Management
This module deals with credit risk models and management of credit risk. Credit risk models provide a framework for quantifying credit risk in portfolios of traditional credit products (loans, commitments to lend, financial letters of credit), fixed income mechanisms, and market-driven tools subject to counterparty default (swaps, forwards, etc.).
- Building loss dissemination and measuring expected and unexpected losses
- Selecting appropriate credit risk model as per agency’s requirements
- Understanding various techniques for portfolio credit risk management
- Managing life’s unexpected events
Key questions addressed include:
- Do employer-provided retirement planning programs increase financial literacy and knowledge about company and national retirement programs?
- If financial literacy is increased, how does this enhanced knowledge affect worker retirement behavior?
- Do more informed workers make better retirement saving decisions and are they better able to respond to the incentives that are embedded in employer pensions and Social Security?
- Does financial literacy increase the likelihood that older workers will invest more to maintain and enhance their skills and productivity so that they can remain competitive in the labor force?
Module Eight: Taxes - Federal Laws and Updates
This seminar provides information on income tax, homestead, and estate planning issues and guidance on how you may be able to reduce taxes, protect assets, and avoid consequences when moving to Florida from another state or maintaining dual residences.
- Taxpayer Bill of Rights
- Penalty Issues
- Gross Income and Trade and Business Expense Cases
- Affordable Care Act (ACA) Employer and Coverage Provider Information Reporting Requirements
- Employment Tax Issues
- Highlights of 2016 Income Tax Law Changes
- Identity Theft - The Security Summit Initiative
David H. Drummond, MBA, Financial Advisor
Pedro Gomez CFP® CRPC®, President; Brickell Financial Group LLC
Andrew Carillo CFP® CRPC® AWMA®, President; Barnett Capital Advisors
Marta Alfonso CPA*/CFF, CIRA, JD, MAS Principal; MBAF
Eldar E. Mata, EA, President; Mata & Baker Tax Consultants
Veronica Mora, Program Manager, Wells Fargo
Hector Ferran CFP®; Bank of America-Merrill Lynch