Identify and briefly discuss the three biggest mistakes people tend to make when setting up retirement programs.
Answer to relevant QuestionsWhat benefits are provided under the Social Security Act, and who is covered?What is the difference between a profit-sharing plan and a salary reduction, or 401(k), plan?How do variable annuity returns generally compare to mutual fund returns? Can you explain why there would be any difference in returns?Describe the three basic types of IRAs (traditional, Roth, and nondeductible), including their respective tax features and what it takes to qualify for each. Which is most appealing to you personally? Explain.At what age would you like to retire? Describe the type of lifestyle you envision—where you want to live, whether you want to work part-time, and so on. Discuss the steps you think you should take to realize this goal.
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