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Understanding IRAs

Understanding IRAs

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Here's how Understanding IRAs aligns with curriculum standards in Connecticut. Use the filters to change the location, set of standards, and grade level.

Financial Literacy Standards

9.1: Earning Income

12.1: Compensation for a job or career can be in the form of wages, salaries, commissions, tips, or bonuses, and may also include contributions to employee benefits, such as health insurance, retirement savings plans, and education reimbursement programs.

Standards
Defined by Standards for Personal Finance: NGPF 9th-12th Grades and align with Understanding IRAs
12.1.d: Examine the benefits of participating in employer sponsored retirement savings plans and healthcare savings plans.

12.10: Retirement income typically comes from some combination of continued employment earnings, Social Security, employer sponsored retirement plans, and personal investments.

Standards
Defined by Standards for Personal Finance: NGPF 9th-12th Grades and align with Understanding IRAs
12.10.a: Identify different potential sources of retirement income.
12.10.b: Describe the importance of having multiple sources of income in retirement, such as Social Security, employer sponsored retirement plans, and personal investments.

9.3: Investing

12.8: Tax rules affect the rate of return on different investments, and can vary by holding period, type of income, and type of account.

Standards
Defined by Standards for Personal Finance: NGPF 9th-12th Grades and align with Understanding IRAs
12.8.b: Describe the advantages of investing through a tax deferred account such as an IRA or 401(k) versus a taxable account.
12.8.c: Investigate the contribution limits and tax advantages of a traditional IRA versus a Roth IRA.