Which would be the best retirement savings option for a 40-year old engineer whose employer offers a five percent contribution m

Question

romanna [79]

2 years ago

11

Which would be the best retirement savings option for a 40-year old engineer whose employer offers a five percent contribution m

atch?
A.
401(k)
B.
IRA
C.
basic savings account
D.
money market account

Advanced Placement (AP)

2 answers:

Murrr4er [49] · Answer 1 · 2022-12-05T19:19:55+03:00

Murrr4er [49]2 years ago

7 0

Answer:

A: 401k

Explanation:

PLATO

gogolik [260] · Answer 2 · 2022-12-05T17:27:10+03:00

Answer:

A. 401(k)

Explanation:

A 401(k) can be defined as a type of compensation (savings) plan that is being sponsored by a business firm or company (employer) to avail its employees the opportunity to contribute into. As a company-sponsored and defined-contribution retirement savings plan, it offers tax advantages to the employees because it reduces their income tax for the particular year while taxing their withdrawals.

Hence, a 401(k) would be the best retirement savings option for a 40-year old engineer whose employer offers a five percent contribution match.