(1) Discuss advantages to installing a retirement plan for the employer. Be sure to include a discussion of the â€œfour Râ€™sâ€: help recruit, reward, retain, and retire employees.
(2) Discuss the process of retirement needs analysis including the various assumptions and steps in the process.
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Just for the fun of it, attempt the following question:
Mr. and Mrs. Jones now have $130,000 in their savings account. They hope to retire in 20 years and want to accumulate sufficient assets to support a 25-year post-retirement period. Assume they make no more additions to the retirement account. They expect to earn on average 10% on their savings account until they retire and then 7% on the account during retirement. What amount of income should they expect to receive each month during retirement?
What makes this type of information important to individuals of all ages?