PFin - Fall Final (2024)

Front

What is the average pay raise per year for a person starting at $50,000 and retiring at $125,000 over 50 years?

Back

$1500

Front

What is the current retirement age according to the federal government?

Back

67

Front

At what age do people typically begin working if they go to work straight after high school?

Back

18

Front

What are benefits in the context of employment?

Back

Non-monetary rewards or advantages given to employees in addition to their salary.

Front

What is the federal poverty level for a single person in California?

Back

$15,000 / yr

Front

Define 'retirement age'.

Back

The age at which a person is eligible to retire and receive retirement benefits.

Front

What is the significance of understanding average salary increases?

Back

It helps individuals plan their career and financial future.

Front

What are non-monetary benefits?

Back

Advantages given to employees that do not involve direct monetary compensation, such as health insurance, paid time off, and retirement plans.

Front

How does the federal poverty level affect financial planning?

Back

It serves as a benchmark for assessing income adequacy and eligibility for assistance programs.

Front

What factors can influence salary increases over a career?

Back

Experience, education, industry demand, and performance.