Management : Retirement Plan Selection

Running Head: RETIREMENT PLAN SELECTION1Retirement Plan SelectionStudents Name:Instructors name:Course:Date:RETIREMENT PLAN SELECTION2Saving money is a great way to achieve financial freedom on retirement. For most peoplewho are twenty to twenty-nine years of age, expenses are quite a number for the likely meagerpaychecks. However, that should not stop them from making wise retirement plans earlier. At thatage, I believe its a very good time in your lifetime to start investing for tomorrow. This is sobecause of compound interest which is usually compounded annually. Furthermore, as Brandon,(2016) says, investing for retirement could qualify you for tax breaks and employer contributions.Therefore, anyone would be much better off in retirement if they make such critical monetaristmoves in your twenties. Equally, people of that age range should save for emergencies, get out ofdebt, fund their retirement account, ramp up their contributions, and invest wisely.There are various retirement options in market. Common options include; 401K, pension,annuities and individual retirement account (IRA). Considering a 24-year-old employee who earns$40,000 annually with banks paying 5% interest on savings account, whereby the rate of return onthe company stock is 4% annually, various options would be suitable for the case. With anobjective of retiring at 60 years of age with $3 million in her retirement account, here is how theretirement options would wo ...


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