Question: 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 in a no more than 3.5 page paper:
• 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.
- Draw conclusions based upon Assigned Learning Activity Readings in eCampus, Martocchio, J. (2017). Strategic compensation: A human resource management approach (9th ed.). Upper Saddle River, NJ: Pearson, personal experience, and data collected from organizations.
- Integrate and apply readings, Martocchio, J. (2017). Strategic compensation: A human resource management approach (9th ed.). Upper Saddle River, NJ: Pearson.throughout paper. Summarize and cite information using your own words. Direct quotations should be avoided.
- Research should be summarized and synthesized using your own words; be certain to cite sources of knowledge.
- Compare your paper with Guide for Written Assignments attached to assignment.
- Format your paper consistent with APA 6th Edition guidelines. APA sample is attached to assignment.
- Individual Assignment: Retirement Plan Selection
Purpose of Assignment: It is important to be able to articulate the various retirement options available at an organization as an HR practitioner. This paper will compare various retirement options and allow the student to determine which is the best retirement option, and to assess what factors to consider when selecting a retirement option.