Planning for Risk and Retirement

This course is a part of Personal Finance, a 3-course Professional Certificate series from edX.

Planning for Risk, Retirement and Investment is made possible by the Brian and Sheila Jellison Family Foundation.

The Planning for Risk, Retirement & Investment course is designed for individuals to build financial literacy, one of the most pressing needs Americans face today. Financial decisions made by individuals impact the larger community in significant ways with pervasive cost due to financial mistakes. A recent study by the Financial Industry Regulatory Authority (FINRA) reveals over 50% of Americans have less than $10,000 saved for retirement. In addition, over 50% of Americans have no emergency fund, unable to cope with an unexpected car repair without borrowing funds. Financial literacy is an urgent need for many.

This course dives deeply into issues and decisions that impact your financial future. You’ll explore strategies around controlling and managing risk, planning for retirement, and cultivating an investment mindset. Through a hands-on approach, you’ll gain answers to common personal financial questions including:

What exactly is risk, and why should I care about it?

What are the core concepts and principles of insurance?

How do insurance companies help consumers manage risk?

Do I need to buy life insurance and how much?

What are my family’s needs for security from loss of life and property?

What are my options for life insurance?

What are good decisions that both save money and protect me from reasonable risks?

Do I need full coverage auto insurance, or can I save money with liability insurance?

How much money do I need in retirement, and how do I determine my needs?

Where can I look for sources of income in retirement?

Am I ready both financially and philosophically to be an investor?

What are the risks of investing, and am I ready to accept them?

How do I allocate my investments depending upon the stage of my life?

Through course videos, selected short readings, and self-paced activities, students in this course will gain both practical knowledge of core concepts of risk, retirement, and investment, and a broader view of the role of planning plays in our quest for financial and personal satisfaction.

What you'll learn

• Through course videos, selected short readings, and self-paced activities, students in this course will gain both conceptual and practical knowledge of the inevitable and universal decisions around managing risk, planning for retirement, and starting a program of investment. You’ll develop your ability to:
• Classify a variety of financial risks
• Choose between risk acceptance and risk avoidance
• Assess your family’s need for life insurance including the amount and type
• Choose between whole, term, and universal life products
• Understand the features and limitations of property and casualty insurance products
• Compare policy features and costs across insurance products
• Understand an insurance policy and how to save money when purchasing
• Determine your need for renter’s insurance
• Distinguish between basic automobile insurance and coverages
• Assess your need for comprehensive and collision insurance
• Participate in a step-by-step workshop on retirement planning
• Calculate your retirement income needs and identify common sources of retirement income
• Distinguish between investment and speculation
• Understand and compare the features of secured credit
• Assess your tolerance for risk in investments and evaluate investment products
• Develop your investment mindset