Case: Ed and Margaret

 Ellie would like to begin saving for retirement while she's living with her parents and her expenses are lower, but is not yet eligible for her employer's 401(k) plan. What type of account would you recommend Ellie use to establish a degree of retirement savings?

After looking more broadly at their plan, Ed notices that Margaret's pension plus Social Security will cover only a small portion of their expected retirement expenses. How could Margaret and Ed use their assets this year to increase the amount of guaranteed lifetime income they will receive in retirement?

Answer rating: 100% (QA)

For Ellies Retirement Savings Considering Ellies situation where she is not yet eligible for her emp... View the full answer