RFC401 - Retirement Planning

Outline information
Semester
Schools offering this subject
Last revision date 2024-01-29 00:52:30.621
Last review date 2024-02-05 00:15:03.497

Subject Title
Retirement Planning

Subject Description
With the increase in life expectancy for both men and women retirement planning has become increasingly important in preparing individuals' overall financial plans. The Retirement Planning course will provide learners with the basic tools and skills needed to prepare retirement plans for their prospective clients. Learners will review various sources of income at retirement including; Government Sponsored Retirement Income Programs, Employer Sponsored Pension Plans, Deferred Profit Sharing Plans and Personal Savings Plans and incorporate these into retirement savings plans and post-retirement income plans. This unit also incorporates Education Planning, Home Buyers' Plan and Tax-Free Savings, as they relate to retirement and savings.

This subject is intended for students pursuing a CFP designation. This subject provides a detailed look at how clients plan for retirement, how they use their financial assets during retirement, and how they make financial decisions related to retirement. Students will acquire the knowledge to understand the retirement planning process, the various private and government pension arrangements, investment products for retirement and income tax implications, as well as numerous strategies.

Credit Status
One credit.

Learning Outcomes
Upon successful completion of this subject the student will be able to:

1. Describe the impact of demographics on retirement planning.

2. Describe the various government-sponsored retirement income programs.

3. Describe the features of employer-sponsored pension plans.

4. Discuss the components of Deferred Profit Sharing Plans (DPSP) and Registered Retirement Savings Plans (RRSP).

5. Discuss the differences between and application of RRIF's, LIF's, LRIF's, annuities, and reverse mortgages.

6. Describe the education planning process and the various plans available.

7. Discuss the features of the Income Tax Act that apply to taxation of retirement income.

8. Calculate the impact of income taxes on retirement funds and calculate target retirement incomes.

9. Prepare retirement income projections for those who have retired.

10. Discuss the factors to consider when choosing a retirement age.

Academic Integrity
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Please visit the Academic Integrity website http://open2.senecac.on.ca/sites/academic-integrity/for-students to understand and learn more about how to prepare and submit work so that it supports academic integrity, and to avoid academic misconduct.

Discrimination/Harassment
All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecapolytechnic.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Accessibility Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.

Camera Use and Recordings - Synchronous (Live) Classes
Synchronous (live) classes may be delivered in person, in a Flexible Learning space, or online through a Seneca web conferencing platform such as MS Teams or Zoom. Flexible Learning spaces are equipped with cameras, microphones, monitors and speakers that capture and stream instructor and student interactions, providing an in-person experience for students choosing to study online.

Students joining a live class online may be required to have a working camera in order to participate, or for certain activities (e.g. group work, assessments), and high-speed broadband access (e.g. Cable, DSL) is highly recommended. In the event students encounter circumstances that impact their ability to join the platform with their camera on, they should reach out to the professor to discuss. Live classes may be recorded and made available to students to support access to course content and promote student learning and success.

By attending live classes, students are consenting to the collection and use of their personal information for the purposes of administering the class and associated coursework. To learn more about Seneca's privacy practices, visit Privacy Notice.