Many people have little or no money set aside for their retirement. Those who do may find their retirement funds insufficient for maintaining their desired standard of living during retirement. In this project, youll contemplate the type and features of a retirement program that would best meet your needs.

Looking back over this chapter, review the features of both employer-sponsored and self-directed retirement programs. Depending on your career, you may actually have both kinds. Develop an outline of your ideal retirement plan or plans (be realistic), being sure to consider the following issues:

1. Would the plan be contributory or noncontributory?

2. Stated as a percentage of your base salary, how much would be put into your retirement plan each year? Remember that there are certain allowable limits.

3. What would be the eligibility and vesting provisions? Would your plan be portable? Under what conditions?

4. What would be the earliest retirement age? Would there be provisions for early retirement?

5. Would your plan be a defined contribution or a defined benefit plan? You could also have a combination of the two types.

6. Would the plan be qualified?

7. Would you want a voluntary supplemental plan as part of your program? If you could have only one supplemental plan, what would it be?

What would be the advantages and disadvantages of your ideal plan? This research will help you

understand the retirement benefits you may have with your current job or as part of the job offers you may receive in the future.