Styles 1) What are the major elements of a retirement plan? Please list and define each element and its impact on the plan. 2) Jerry is currently 35 years old. He is planning to retire at age 60. His current income is $100,000. He wants 80 percent of that income at retirement. He is currently earning 7 percent on his investments. The current rate of inflation is 3 percent. Jerry's life expectancy is age 85. He does not have any other sources of retirement income. Psing the information from problem 2, how would Jerry's retirement plan change if he worked until age 652 Styles 3) If an individual's retirement plan falls short of the required income what are their options to dose the gap? Please list each of the options and how it would impact the plan. 4) What is a Defined Benefit plan? What is a Defined Contribution plan? Please list the characteristics of the plans and the types of plans under a Defined Benefit and Defined Contribution plan. 5) What is a Profit-Sharing Plan? What are the major types of plan and the characteristics? I I 6) What are the contribution limits for 2020 for a 401k plan? Styles Editing 7) What is a Safe Harbor plan? Why would a company use a Safe Harbor plan? What are the benefits? 8) What is an ESOP? What are the characteristics and rules of an ESOP plan