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THE SCENARIO
John is a single professional living in Brooklyn and works at the X
THE SCENARIO
John is a single professional living in Brooklyn and works at the XYZ company as a webpage designer. His annual salary is $85,000 a year. His company offers a 401K retirement savings benefit, matching up to 6% of the participating employee’s salary. John wants to participate in the program because it gives many benefits, including the additional 6% money toward retirement savings. He wants to determine how much contribution to the 401K plan would maximize his tax benefits and the company’s match. He needs at least $2,300 per month for his living expenses.
Suppose that you are his CFA. How much annual 401K contribution would you suggest to him? Present your solution on a one-page report explaining how you reached that conclusion. Note that this homework DOES NOT require any Excel solutions yet. You may use it; however, figuring out the contribution is unnecessary. We will build the Excel 401K application in the next lesson.
IT STATES NOT TO DO THE EXCEL CHART BUT DO PLEASE I DONT WANT TO HAVE TO CREATE ANOTHER ORDER THATS WHY I PAYING FOR THE 2 PAGES
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