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Retirement Plan

Assignment Details

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 employeeDetermine 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:The 403B retirement plan is also known as tax-sheltered annuity plan, the plan provides a retirement option that reduces the individual’s taxable income which translates to lower tax liability (Olberg, A. M. J, 2011). The 403B retirement plan option is eligible for employees that conform to code section 501C (3) which are the employees of any organization that is exempted from tax, the retirement option is also eligible to employees of public schools as defined by code section 170(b) (1)(A)(ii) this category encompasses member of staff in public schools, state college, and public universities, and church. The 403B retirement option has major financial advantages, primarily because the contributions made are tax deductible, this implies that the proportion of the individual income contributed to the 403B account are deducted from personal taxable income while calculating personal tax liability, this, in turn, lowers the tax liability. Words:1500

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