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A 68-year old retiree has a pension savings of $51,000, a 401k of $58,000, and an IRA account of $68,000. Before 2008, he had 2% more cash in the pension, 12% more in the IRA, and -1% in the 401k. He wants to take out 2% from each account before he turns 72, which will cost him a penalty of an extra 1% from the pension, 2% from the 401k, and 6% from the IRA. What is the relevant information for the amount that the retiree will have in his pension if he doesn't take money out now? Select the correct answer below. O The retiree had 2% more cash in the pension in 2008 O The retiree has a pension savings of $51,000 O The retiree has a 401k of $58, 000 O The retiree has an IRA account of $68,000

A 68-year old retiree has a pension savings of $51,000, a 401k of $58,000, and an IRA account of $68,000. Before 2008, he had 2% more cash in the pension, 12% more in the IRA, and -1% in the 401k. He wants to take out 2% from each account before he turns 72, which will cost him a penalty of an extra 1% from the pension, 2% from the 401k, and 6% from the IRA. What is the relevant information for the amount that the retiree will have in his pension if he doesn't take money out now? Select the correct answer below. O The retiree had 2% more cash in the pension in 2008 O The retiree has a pension savings of $51,000 O The retiree has a 401k of $58, 000 O The retiree has an IRA account of $68,000

PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
6th Edition
ISBN:9781337117005
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter14: Planning For Retirement
Section: Chapter Questions
Problem 2FPE
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Question A 68-year old retiree has a pension savings of $51, 000, a 401k of $58,000, and an IRA account of $68, 000. Before 2008, he had 2% more cash in the pension, 12% more in the IRA, and -1% in the 401k He wants to take out 2% from each account before he turns 72, which will cost him a penalty of an extra 1% from the pension, 2% from the 401k, and 6% from the IRA. What is the relevant information for the amount that the retiree will have in his perision if he doesn't take money out now? Select the correct answer below. The retiree had 2% more cash in the pension in 2008 The retiree has a pension savings of $51, 000 O The retiree has a 401k of $58, 000 O The retiree has an IRA account of $68, 000
Transcribed Image Text:Question A 68-year old retiree has a pension savings of $51, 000, a 401k of $58,000, and an IRA account of $68, 000. Before 2008, he had 2% more cash in the pension, 12% more in the IRA, and -1% in the 401k He wants to take out 2% from each account before he turns 72, which will cost him a penalty of an extra 1% from the pension, 2% from the 401k, and 6% from the IRA. What is the relevant information for the amount that the retiree will have in his perision if he doesn't take money out now? Select the correct answer below. The retiree had 2% more cash in the pension in 2008 The retiree has a pension savings of $51, 000 O The retiree has a 401k of $58, 000 O The retiree has an IRA account of $68, 000
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