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1Retirement Plan SelectionRetirement Plan SelectionCatharina WoodardPhoenix UniversityMay 28, 11:59 PMHRM/324Bob.J. Fiction
2Retirement Plan SelectionRetirement Plan SelectionWhile, I will compare the various retirement choices to decide which is the best retirement plan selection of 403B, 401K, Pension, Annuities IRA and Estate planning. There a many type of plans, you have to find the right program that fits with your lifestyle, and this couldtake a little time. With this proposal, you have a twenty-four-year-old worker who has just got started with the company; this employee is making an annual salary of $ 40,000. With the three million dollars in this account, the worker will have to save about $1000 each month with interest and more than one pension plan. In this paper indicates the employee will be employed with this company for thirty-six years and wants to retire with three million dollars in a retirement account. The new employer wants a long-term position and retires at the age of 60 years. Even though, the IRAs, annuities, life insurance policies and qualified retirement plans such as 401(k)s and 403(b)s are set up so that the accounts, policies or assets. Retirement plans work by giving “retirement income to workers or ending in a deferral of income by employees for years continuing to the termination of covered employment or exceeding, regardless of the method of calculating the contributions made in the plan (Martocchio, 2015). First, the opening selection is a 403B plan, according to (Martocchio) these plans may be given to employees of government and tax-exempt groups, "such as schools, hospitals, and churches. Section 457 plans apply to state government employees" (2015). You have three benefits adding this plan; Number one is the person will not have to pay until they start to withdraw from the program after retirement. Then you have the earnings and gains for the price of the plan that are not taxable unless you withdraw. Finally, you may be entitled to take credit