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If an employer does not offer a retirement plan, what might be another way to save for retirement?

 

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Khushboo Goyal
Khushboo GoyalLv5
20 Jan 2020
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Related questions

RATE 3.5% per year for all problems unless otherwise noted

1.Jill starts working on her 23rd birthday with an annual saary of $57,000. She sets aside 4.5% of her salary at the end of each year for her pension plan, whch is matched by her employer. She hopes her retirement account can make 5.5% per year interest average. She porjects being able to get 2.5% raises average per year through out her 30 year work career. Project the amount in her pension plan at retirement.

2.Based, on the question above, project Jane’s estimated annual retirement income, assuming 23 years of retirement.

Which of the following describes defined benefit pension plans?
 
(i) They raise a few accounting issues for employers.
(ii) Retirement benefits depend on how much money has accumulated in an individual's account.
(iii) They are simple to construct.
(iv) Retirement benefits are based on the plan benefit formula.

Discuss whether the following statements are true, false, or uncertain. Explain your answer in five lines or so.

(8) We saw in class that in 1991, the median American aged 51-61 had: $107K in expected Social Security wealth, $16K in private pension wealth, and $3K in other retirement funds. These numbers show that we need Social Security to make sure that Americans save enough for retirement.

(9) If life expectancy rises, then the only way to restore financial solvency to a Social Security system is to raise taxes or cut benefits.

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