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BL Planning Terms

Basic Life Planning Terms

TermDefinition
Life Phases The three distinct and definable periods of time an individual passes through during their lifetime
Developing Phase The life phase that begins when an individual is born and ends when they officially enter the workforce.
Workforce All individuals who have a job or are actively looking for a job. In the U.S., this is generally accepted to include only people who are 16 or older.
Job A set of specific duties performed by an employee within a company. There are literally hundreds of different jobs within each of the career categories or fields.
Work Phase The life phase that begins when an individual officially enters the workforce and ends when they are able to retire.
Retirement The phase or period of time when an individual no longer has to work to earn money because they are able to live off their savings and income from sources other than working
Money A commodity or asset, such as gold, an officially issued currency, coin or paper note that can be legally exchanged for something equivalent, such as goods or services
Lifestyle The typical manner in which an individual or group is accustomed to living, especially regarding economic conditions.
Standard of Living The basic necessities, comforts and luxuries an individual is accustomed to having and being able to pay for
Life Events A major event in the life of an individual such as completing high school/college, getting married, having children, purchasing a home or being able to retire.
Retirement Phase The life phase that begins when an individual is able to retire and ends when they die.
Normal Retirement Age The age at which an individual is eligible to receive 100% of the Social Security benefits they are entitled to. It is based on the month and year the individual was born and currently ranges from 65 to 67 years of age.
Healthcare Medical or related preventative care services provided to an individual to help them maintain or return to good health
Life Expectancy An estimate of how many years an individual can reasonably expect to live based on government statistics.
Inflation A sustained increase in the general level of prices for goods and services in our economy.
Internal Revenue Service (IRS) The federal agency responsible for administering and enforcing the revenue laws of the United States, including the assessment and collection of federal taxes.
Economic System The system in the Unites dealing with the production, distribution and consumption of goods and services.
Productive Time The time spent earning money or being paid money for the work you perform.
Non-Productive Time The time a person spends doing anything that is not earning money or improving their chances of earning money. Examples include sleeping, watching TV, or vacationing.
Semi-Productive Time The time spent performing activities that improve your chances of earning money such as the time spent in school, studying or driving to/from work.
Created by: Atalia on 2014-02-24



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