Two different types of retirement benefits that have been developed by private organizations: Defined benefit and defined contribution
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business strategy
presentation
published 07/07/2008
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level : Advanced
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SummaryIn recent years concern over the financial solvency of Social Security has lead to considerable controversy over when the fund will be exhausted. This issue has become a pervasive concern in light of the fact that the 78 million baby boomers currently living in the United States will soon reach retirement age. With so many individuals drawing on the Social Security system, there are two concerns. First, there is worry that the current system of Social Security will be unable to provide for the millions of new retirees. Second, there is concern that once baby boomers have utilized the system, there will be no money left for individuals currently in their 30s and 40s.As the Social Security crisis looms on the horizon, organizations and individuals have begun the process of creating retirement accounts that can be used to supplement Social Security income. Retirement plans, 401K programs and stock portfolios are being used by savvy investors to create a nest egg for retirement. Even though each of these investment schemes offers different benefits, each has unique drawbacks that must be considered by the investor before undertaking. For this reason, there is a direct impetus to examine the privately sponsored retirement programs that have been developed to improve outcomes for investors as they reach retirement.
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