Create a 525 to 700 word plan in which you:
Evaluate John and Carroll’s current retirement plans.
Calculate current contributions to existing retirement plans.
Analyze the impacts of prematurely accessing retirement funds.
Recommend which retirement plans John and Carroll should continue to contribute to and the amount of future contributions.
Recommend which retirement plans John and Carroll could potentially access prematurely.
John’s retirement savings and contributions:
Holdings in a money purchase pension: $17,000.00
(No ongoing contributions)
From a former employer plan comprising a target benefit plan
Traditional (IRA): $5,000.00
Ongoing contributions: $2,000/year
Current employer’s 401(k) plan: $4,500.00
Contributes 5% of pay
Employer matches with 2.5%.
Caroll’s retirement savings and contributions:
Roth (IRA) opened six years ago: $4,000.00
(No ongoing contributions)
Former employer’s SEP plan: $18,000.00
(No ongoing contributions)
Current employer’s 403(b) plan: $9,000.00
Contributes 6% of salary
Employer matches with 7%.
Do not include the questions in your responses. Use level one/two headings for each response required.
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