Pension fund

In the film, Brewster’s Millions, Montgomery Brewster, a former minor league baseball pitcher, has the opportunity to inherit $300 million from his late great-uncle. In order to do so, he must spend $30 million in 30 days under a complicated set of rules brought forward by the law office of Granville & Baxter. Throughout the 30 days, Brewster experiences a rollercoaster ride, facing many ups and downs, but ultimately is able to inherit the grand prize. In my scenario, I have to spend $2…

21 years might seem a long time for some, but for others it may only be a half-way mark in their career. For me it's just the right time to retire - If I could divide my life into 4 quadrants of roughly 20 years each, I would now in the last 20 years of my life. In the words of Emily Dickinson a poet, there are still many more miles to go before I sleep. Whether, the last quadrant of my life is a long or short one, I pray that it will be a sweet one. Retirement is having the time to do what…

ANSWER Mr. Dutton should designate his spouse as the sole beneficiary of his retirement plan because this will provide the maximum amount of income tax deferral and flexibility in distribution but lead to no additional restrictions on the use of the funds. This will also avoid the high income tax rate imposed on trust. III. STATEMENT OF FACTS Paul Dutton currently holds a 401(k) retirement plan provided by this employer, Acme Auto Parts, Inc. The value of the plan is currently $2,400,000 and…

disappears. When you pay yourself first, you make saving a priority and begin building wealth. In addition, saving money helps you develop an emergency fund that you can use instead of your credit cards. 7. You Don't Have an Emergency Fund Your emergency fund is your lifeline that gets you through difficult situations. If you do not have an emergency fund, your only option is credit cards or going without when disasters strike. Even a car repair can easily cost $1,000 or more. To make sure…

Virginia Employment Commission The Virginia Employment Commission (VEC) administers an unemployment insurance program that provides protection against loss of wages to individuals who become unemployed through no fault of their own. In order to qualify for benefits, you must have earned enough wages in covered employment during the base period. The amount of wages you earned will determine your weekly benefit amount and the maximum number of weeks (12 to 26 weeks) to which you will be entitled.…

Discussion 1: Social Security and Social Welfare Programs The way social security is difference from the public assistance program involves a working person to participate in taxation in social security investment by investing their money toward retirement (Popple & Leighninger, 2015). Consequently, social security is an entitlement given to the working class that has invested a qualifying working years to receive a monthly income from age sixty-two and above. In contrast, every state has a…

Federal law does not require employers to offer retirement plans to their employees. If employers choose to offer retirement plans, they must follow strict guidelines regarding how the plans are managed, operated, and presented to employees. The Employee Retirement Income Security Act (ERISA) is the law that governs all retirement plans in the United States. ERISA laws set the requirements for how a company retirement plan must be run. While ERISA does not apply to all employers, states may also…

This cartoon is about the Canadian Pension Plan and how Kathleen Wynne, Premier of Ontario, wanted to create a special pension plan for Ontario (ORPP) simply because she noticed that nearly two-thirds of Ontarians have no workplace pension. Her initial idea was to enhance the already existing CPP, but Prime Minister Stephen Harper refused to improve the benefits, therefore forcing Wynne to introduce the Ontario Retirement Pension Plan. Justin Trudeau, however, had repeatedly pledged to boost the…

Some believe Social Security will die out in the future. As stated, “By the time people who are students today are ready to retire, Social Security will not be available to them. This is because the baby-boomers retirement in such great numbers will bankrupt the system”. Is there evidence that proves this statement to be true? This overall statement raises a lot of questions. Statement one, “By the time people who are students today are ready to retire, Social Security will not be available to…

Many elderly people depend solely on social security as primary base of income after retirement. Unfortunately, it is not enough for majority of these individuals to maintain a stable and healthy life style. Not all senior retired individuals would receive social security if no history of employment of ten years or more exist (Cox, 2015, p. 42). In this case, these individuals will continue to work far in their elderly years. With the said, the level of poverty will continue to rise while the…