General Information
Subject Area: Mathematics (B.E.S.T.)
Grade: 912
Strand: Financial Literacy
Standard: Describe the advantages and disadvantages of financial and investment plans, including insurances.
Date Adopted or Revised: 08/20
Status: State Board Approved
Benchmark Instructional Guide
Connecting Benchmarks/Horizontal Alignment
Terms from the K-12 Glossary
Vertical Alignment
Previous Benchmarks
Next Benchmarks
Purpose and Instructional Strategies
In Math for Data and Financial Literacy, students will research current data to explore different retirement plans and make decisions on the most effective plan based on given situations.- Instruction includes understanding the latest information on the different retirement plans available, such as IRAs, 401k, Pension, Social Security and 403b. Students should be able to compare the different plans and analyze the benefits of each.
- Students should be able to use a spreadsheet to show the different plans available from different employers to justify their decision.
- Salaries and Retirement Plans
Students should use technology to compare salaries and retirement plans in order to make the best overall financial decision.
- For example, students should have examples for each of the options: IRAs, 401k, Pension, Social Security and 403b. Using this information and technology, students will be able to see which option would benefit them the most in the long run to ensure they are prepared for retirement and at what age.
- Business versus Individual Plans
Students should understand how the retirement plans from both the individual and business perspective.
- For example, provide students with a sample where the cost of the individual and the cost of the business is similar. Students should be able to determine which plan would be most beneficial for them based on their goals?
- Retirement Plans
Students should be able to compare the different types of retirement plans: IRAs, pension plans and annuities. Based on this information, students will be able to know which type to request and at what percentage.
- Instruction helps students determine when it is necessary to have one or all of the plans and why.
Common Misconceptions or Errors
- Students may misinterpret the information provided and determine a retirement plan that is not the most advantageous for employees.
- Students may not input the formulas into the spreadsheet correctly and generate an incorrect amount when analyzing the different plans.
Instructional Tasks
Instructional Task 1 (MTR.7.1)- Robert is looking for his first job. He is offered a starting salary of $45,000 with a 50%
match on his 401k contributions. Based on this information, research the following.
- Part A. How much should Robert contribute with each paycheck and why?
- Part B. What additional retirement accounts should Robert consider? How much should he contribute? Explain.
Instructional Items
Instructional Item 1- Monica is starting a new job and the company has given her several options for retirement.
- Option 1. Starting salary of $45,000; Employer retirement contributions: 5% match during the first year, 20% match up to year 10, then 100% match beyond year 10
- Option 2. Starting Salary of $37,000; Employer retirement contributions: 100% match
- Option 3. Starting Salary of $55,000; Employer retirement contributions: 50% match
- Option 4. Starting Salary of $70,000; Employer retirement contributions: 0%
- Which is the best option for Monica and why?