Lesson
Social Security & Pensions
Summary
Your FICA taxes aren't sitting in a personal account with your name on it—they're funding someone else's retirement right now. This lesson explores how Social Security's pay-as-you-go system works and compares defined benefits like pensions with defined contributions like 401(k)s.
Bellringer: Where Are Your FICA Taxes?
- Pose the three-option question about FICA taxes.
- Let students vote before revealing the answer.
Instruction
- Recap FICA, then walk through Social Security history and mechanics.
- Compare defined benefit vs. defined contribution using pensions and 401(k)s.
Discussion: Retirement Safety Net
- Debate whether Social Security alone is enough for retirement.
- Prompt students on inflation, demographics, and program solvency.
Activity: Social Security Calculator
- Students read the Social Security basics article.
- Use the SSA Quick Calculator to project retirement benefits under different scenarios.
Wrap-Up & Assessment
- Explain the difference between a defined benefit and a defined contribution.
- Would you rather have a pension or a 401(k)? Why?
| Est. Time | Activity | Description |
|---|---|---|
| 5 min | Bellringer: Where Are Your FICA Taxes? |
|
| 15 min | Instruction |
|
| 10 min | Discussion: Retirement Safety Net |
|
| 12 min | Activity: Social Security Calculator |
|
| 3 min | Wrap-Up & Assessment |
|
Lesson Prep
Understanding Social Security Basics
Learn what Social Security is, how benefits are calculated, how it works, and tax implications.
Class Presentation
Includes a 19-slide deck with teacher notes. Present from Banzai, download a PDF, or copy it to Google Slides.
Presentations, Ready to Go
- Built-in PresentationPresent full screen, straight from Banzai
- Copy to Google SlidesMake an editable copy for your class
- Download or PrintSave as a PDF or print
- Teacher NotesSlide-by-slide guidance, printable as one handout
Unit 8: Retirement
Traditional vs. Roth
Pay taxes on the seeds now or on the harvest later? That single choice determines thousands of dollars in retirement income. This lesson unpacks tax-deferred versus tax-free retirement accounts and helps students decide when a Roth beats a Traditional IRA.
Social Security & Pensions
Your FICA taxes aren't sitting in a personal account with your name on it—they're funding someone else's retirement right now. This lesson explores how Social Security's pay-as-you-go system works and compares defined benefits like pensions with defined contributions like 401(k)s.
Managing Inflation
Inflation quietly erodes retirement savings while you're not looking. A 1% savings rate against 3% inflation means losing wealth every year. This lesson explores how retirees combat inflation through real rate of return calculations and investment strategies that outpace rising prices.
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