Using this example below:

1. Defined Benefit a government or company-sponsored retirement plan where the monthly benefit at retirement is calculated based on a formula (years of service*age factor*monthly salary).

• Social Security Our nations retirement plan. Your employer deducts an amount of your paycheck and forwards it to the Social Security program. Based on your work record, you will be eligible for a monthly social security amount. Go to ssa.gov and create an account to review your work record and estimated payment.

• Pension A retirement plan typically offered by state and local govt and education. These have mostly been eliminated by corporations. Even today, our major pension plans in CA (CalSTRS and CalPERS) have required employees to contribute more to his/her pension plan.

Please help me answer the question below:

1. College Savings Plans

1. 529

• Type of investments

• Annual amount

• Tax implications -

2. Coverdell

• Type of investments

• Annual amount

• Tax implications -