1. Evaluate John and Carrolls current retirement plans.
2. Calculate current contributions to existing retirement plans.
3. Analyze the impacts of prematurely accessing retirement funds.
4. Recommend which retirement plans John and Carroll should continue to contribute to and the amount of future contributions.
5. Recommend which retirement plans John and Carroll could potentially access prematurely.

Johns retirement savings and contributions:

Holdings in a money purchase pension: $17,000.00

(No ongoing contributions)

From a former employer plan comprising a target benefit plan

Traditional (IRA): $5,000.00

Ongoing contributions: $2,000/year

Current employers 401(k) plan: $4,500.00

Contributes 5% of pay

Employer matches with 2.5%.

Carolls retirement savings and contributions:

Roth (IRA) opened six years ago: $4,000.00

(No ongoing contributions)

Former employers SEP plan: $18,000.00

(No ongoing contributions)

Current employers 403(b) plan: $9,000.00

Contributes 6% of salary

Employer matches with 7%.