How do we plan for the financial future?
I can explain what financial planning is needed for retirement and how the Government helps people when they retire.
How do we plan for the financial future?
I can explain what financial planning is needed for retirement and how the Government helps people when they retire.
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Lesson details
Key learning points
- Retirement requires careful financial preparation to ensure a stable income after paid work ends.
- Effective planning includes using workplace pensions, ISAs and personal financial strategies.
- The Government provides support through the State Pension and additional benefits such as Pension Credit.
- Retirees may also access healthcare and social support through the NHS and local government services.
- In the context of an ageing population, proactive financial planning enhances security and independence in later life.
Keywords
Retirement - the period of life when a person stops working, usually after reaching a certain age, and often relies on savings and pensions for income
Ageing population - a situation where the proportion of older people, typically 65 and over, in a society is increasing
State Pension - payments made by the Government to people of or above the official retirement age
Common misconception
Everyone has the same retirement age.
Not everyone retires at the same age. Retirement age can vary greatly depending on personal finances, circumstances, health and family.
To help you plan your year 11 citizenship lesson on: How do we plan for the financial future?, download all teaching resources for free and adapt to suit your pupils' needs...
To help you plan your year 11 citizenship lesson on: How do we plan for the financial future?, download all teaching resources for free and adapt to suit your pupils' needs.
The starter quiz will activate and check your pupils' prior knowledge, with versions available both with and without answers in PDF format.
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Explore more key stage 4 citizenship lessons from the How do we look after an ageing population? unit, dive into the full secondary citizenship curriculum, or learn more about lesson planning.
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- Depiction or discussion of sensitive content
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Adult supervision recommended
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Lesson video
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Starter quiz
6 Questions
education
regulation
community support
Exit quiz
6 Questions
money you save privately
tax-free savings account
money paid in by your employer