It is Never Too Early to Save for your Retirement
Exp19_Word_Ch04_CapAssessment_Retirement
Project Description:
You are enrolled in a personal finance course at your local university. One of the assignments is to write a group paper with another student about the different types of retirement plans. You and your partner conducted research on the topic and wrote a final draft of the report. In this project, you will format the paper to enhance readability. You will use track changes, accepting and rejecting them as necessary, credit sources used in the preparation of the report, address your partner’s comments, include a table of contents and an index.
Steps to Perform:
|
Step |
Instructions |
Points Possible |
|
1 |
Start Word. Download and open the file named Exp19_Word_Ch04_CapAssessment_Retirement.docx. Grader has automatically added your last name to the beginning of the filename. |
0 |
|
2 |
Ensure that the markup view is All Markup. Review the comments. On the second page, reject the replacement of the two words NOW to lowercase. |
5 |
|
3 |
Accept all other tracked changes in the document and stop tracking. Keep all comments. |
5 |
|
4 |
Change all headings to the correct heading styles as per the comments left by your partner. |
8 |
|
5 |
Reply to the first comment by typing I have made the style replacement. (include the period.) |
5 |
|
6 |
Select the table on page 2, and insert the caption text to read Table 1: The Future Value of Money (no period). Make sure the caption displays above the selected item. Center the caption. |
5 |
|
7 |
Assign the caption Table 2: Comparisons between a Traditional and a Roth IRA for the next table, as instructed in the comments. Center the caption. |
5 |
|
8 |
Select the APA Sixth Edition style. Click before the period at the end of the first sentence of the 403(b) Plans section. The sentence ends in (TSA) plan. Insert the following Web site citation: |
7 |
|
9 |
Click before the period ending the first sentence of the 401(K) section. The sentence ends with at their workplace. Insert the following Web site citation: |
7 |
|
10 |
For the first table, replace the Source URL with the following website citation: |
6 |
Grader - Instructions Word 2019 Project
|
11 |
Insert a footnote on page 2 at the end of the table heading in the Introduction section (the first line of the table), which ends with 6% annual return. Type the following for the footnote: The calculation did not take into consideration the cost of living adjustment (COLA). (Do not include the period.) Change the number format for footnotes to a, b, c in the Footnotes dialog box. (Click Apply, not Insert.) |
6 |
|
12 |
Insert a blank page at the end of the report and insert a bibliography with the title References. The bibliography should be double-spaced with no paragraph spacing before or after. |
8 |
|
13 |
Format the bibliography with a font of Times New Roman and a font size of 12 pt. Center the References title. All text in the bibliography should be Black, Text 1 font color. Ensure that no text is bold. |
6 |
|
14 |
Create a table of contents, with an Automatic Table 1 style, on a new page positioned between the cover page and the current page 2. Note: Mac users, create a Classic style table of contents. |
0 |
|
15 |
Mark the following words as index entries, selecting Mark All for each: contribution, Roth IRA, traditional IRA, 403(b), and 401(k). Select the first occurrence of deduction and set a cross-reference as See contribution. |
5 |
|
16 |
Add an index on a blank page at the end of the document. Use Classic format and accept all other default settings. |
8 |
|
17 |
Insert a footer with a centered page number, using the Plain Number 2 format. Note: Mac users, insert the default page number. Do not display the page number footer on the first page. Numbering begins with page 1 on the Table of Contents page. |
8 |
|
18 |
Insert a page break so that the second table and its caption is on one page. Also, update the Table of Contents to reflect the change in page number. |
6 |
|
19 |
Save and close Exp19_Word_Ch04_CapAssessment_Retirement.docx. Exit Word. Submit the file as directed. |
0 |
|
Total Points |
100 |
Introduction
It is never too early to save for your retirement. For a start, you can estimate the amount that you need to have before you can retire comfortably using financial calculators found on sites such as CNN Money, Kiplinger, Motley Fool, and TIAA-CREF financial services. The good part is, there are many different types of retirement plans that you can participate, individually or with your employers. To help you save for retirement, there are many government-regulated and government-approved retirement accounts that you can contribute a certain amount to annually. Why should you enroll in a retirement plan NOW? Did you know that your retirement can last for 30 years or more? A common rule to follow is that a retiree will need up to 80% of his/her annual income today to retire comfortably. Unfortunately, the average benefit amount paid monthly by the Social Security Administration is only $1,177.
Below are many advantages why you should start saving NOW:
* Tax on employee and employer contributions is deferred until distributed.
* Investment gains in the plan are not taxed until distributed.
* Retirement assets can be carried from one employer to another.
* Contributions can be made easily through payroll deduction XE "deduction" \t "See contribution" .
* Saver’s Credit is available.
* Flexible plan options are available.
* Better financial security at retirement.
Table SEQ Table \* ARABIC 1: The Future Value of Money
Future Retirement Savings Value - Assuming 6% annual return[The calculation did not take into consideration the cost of living adjustment (COLA)]
Monthly Savings
5 years
15 years
20 years
$50
$3,506
$14,614
$23,218
$200
$14,024
$58,456
$92,870
$500
$35,059
$146,136
$232,176
CITATION The18 \l 1033 (The Future Value of Money, 2018)
A contribution XE "contribution" is defined as the amount that an employee and an employer can put into a retirement plan. There are, however, varying limits on how much we (including both employers and employees) can contribute to any of the retirement plan. Each plan has its own rules and criteria, and must specifically state that contributions or benefits cannot exceed certain limits. Employees can participate in contributions via salary reduction. Employers can match employees’ contributions or contribute outright a certain amount into the employees’ retirement account.
Traditional Individual Retirement Arrangements (IRAs)
There are two major kinds of IRAs – traditional and Roth. A traditional IRA is a way to save for retirement that gives you tax advantages. It allows you to make tax-deferred investments to provide financial security when you retire. Your traditional IRA contributions may be tax-deductible. The deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels. You can contribute to a maximum of $5,500 ($6,500 if you are age 50 or older) every year to a IRA.
Roth Individual Retirement Arrangements (Roth ...
👀 Other Visitors are Viewing These APA Lab Report Samples:
- Anthropology Lab Report 4: Features, Data and Hypotheses2 pages/≈550 words | No Sources | APA | Literature & Language | Lab Report |
- Anthropology: Adaptive Factors Lab Report Paper Writing 1 page/≈275 words | No Sources | APA | Literature & Language | Lab Report |
- Properties of Egg and Cream in Ice cream1 page/≈275 words | 5 Sources | APA | Literature & Language | Lab Report |
- Rhetorical Analysis of Stephanie Busari’s TED Talk: “How Fake News Does Real Harm”1 page/≈275 words | 2 Sources | APA | Literature & Language | Lab Report |
- Dendrochronology lab. What did you do in lab? (methodology)1 page/≈275 words | No Sources | APA | Literature & Language | Lab Report |
- Study The Properties And Functioning Of Electrochemical Cells1 page/≈275 words | No Sources | APA | Literature & Language | Lab Report |
- Lab Report For Chem Lab: Investigation Of Toxins In A Soil Sample4 pages/≈1100 words | 3 Sources | APA | Literature & Language | Lab Report |