An in-depth look at three types of retirement plans to see which provides a person with better coverage in later years.
Written in 2002; 12,194 words; 14 sources; APA; $ 235.95
Paper Summary:
Almost one-third of American workers are failing to prepare themselves for a comfortable retirement, according to a new survey conducted by American Express. Lack of knowledge and expertise causes many Americans to make poor choices regarding their retirement options.
The paper shows that saving for retirement is a major challenge for millions of Americans today. With an abundance of retirement options, including tax-deferred retirement plans, 401(k)s and IRAs, investors are often confused about which option will make the most of their savings dollars. This paper provides a review of the fundamental of these powerful retirement options in an effort to provide future retirees with the information needed to start investing in their futures. The study examines three major retirement options"Social Security, 401 (k) plans and IRA Accounts"in an effort to determine whether one type of option is superior over another. This research is based on existing literature, collected from a variety of sources, as well as empirical research derived from the opinions of financial professionals. Basically, this paper reveals whether or not there is a single best retirement option or if different people require different types of investment.
The paper includes tables, graphs and illustrations.
Table of Contents
Chapter One"Introduction
Statement of the Problem
Purpose of the Study
Scope of the Study
Rationale of the Study
Definition of Terms
Overview of the Study
Chapter Two"Literature Review
Introduction
All About Social Security
About 401 (k) Plans
How a 401(k) Plan Works
About 401(k) Plans
Advantages of 401 (k) Plans
Maximizing the Potential of a 401 (k) Plan
About IRAs
The Benefits of an IRA
IRAs in a Nutshell
The Traditional IRA
The Roth IRA
Chapter Three"Methodology
Approach to Study
Data Gathering Method
Database of Study
Validity of Data
Originality and Limitations of Study
Chapter Four"Data Analysis
Chapter Five?Summary, Conclusions and Recommendations
From the Paper:
"Because Social Security provides benefits to millions of Americans, it is often perceived as a like a simple retirement savings account (National Center for Policy Analysis, 2003). Many believe that if they simply contribute through payroll deductions, they will get that money back at retirement. However, Social Security is a complex social program rather than a retirement plan. By design, Social Security involves massive subsidies from retirees, from single workers to married couples, from two-earner couples to one-earner couples, from high-income earners to low, and from those who die early to those who die late."
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