Question

Lewis is choosing between two job offers, both with $100,000 salaries. Job A is a less interesting job but contributes an additional 10% of the salary into the company 401(k) plan. Job B is Lewis's dream job but has no retirement plan. How can Lewis take job B and still save for retirement?

Answer 1

Select the best answer from the choices provided.
by relying on his large Social Security contributions
by starting his own 401(k) plan with $10,000 a year
by putting the maximum $5,000 into an IRA and use another $5,000 to pay down his mortgage or invest in stocks each year
by taking a reverse mortgage now and using the savings for his retirement

Answer 2

@JoannaBlackwelder

Answer 3

@JoannaBlackwelder Im go with c what you think?

Answer 4

Sounds reasonable to me.

Answer 5

You need at least 10% Of your earnings to invest in Retirement

Answer 6

10k is 10%?

Answer 7

IRA is safe investment too you can't withdraw if you do there is a penalty

Answer 8

Oh wait then. 10k is 10%, but if he is using it to pay off his mortage, it is not going to retirement.

Answer 9

Im saying if 10% means 10k?

Answer 10

10k is 10% of 100k

Answer 11

So i'm thinking b since 10% is going directly to retirement.

Answer 12

Yes its B

Answer 13

The question doesn't talk about mortgage , its talking about saving for retirement

Answer 14

Right, but c has paying down mortgage with 5k as an option.

Answer 15

Its B

Answer 16

That's what I thought. :)

Answer 17

A good rule of thumb is that people should save at least 10% of their salary in retirement plans,

Answer 18

came from the source

Answer 19

C would of been right but it mention stocks...