Retirement Plan

A new employee joins your company at age 24 making $40,000 per year. Currently, banks are paying 5% interest on saving accounts, and the rate of return on the company stock is 4% per year. During benefits enrollment, the employee stated that she would like to retire at age 60 with 3 million dollars in her retirement account.

Compare the following retirement options for this particular employee

403B
401K
Pension
Annuities
IRA
Estate planning

Determine which retirement option(s) you would choose if you were this employee.

Assess the factors that this employee should consider when selecting a retirement plan.

Format your paper consistent with APA guidelines.

Answer preview:

Words:1500