What is the importance of a retirement plan?

You purchase a tax- free municipal bond paying an annual rate of 6 percent. Find the before- tax rate if you are in the

a. 15- percent tax bracket.

b. 28- percent tax bracket.

c. 36- percent tax bracket.

In pension planning, some people rely on the Social Security system for their entire retirement program. Give me one argument for Social Security and one against the system.