Microsoft Excel 4E: Goal Seek: Pensions and Invstments, Personal Savings Plans

Three Types of Pensions:

1. Government Pension: small amount payable to people who have worked inthe country for a minimum number of years.
2. Company Pension: some companies provide them and some don't (usually depending on the size of the company and your position). An example fo a good company pension would be the one that paid you 60% of your salary after you retire for the rest of your life.
   • Example: Salary of $50,000 X 60% = $30,000
     • In the above example a person would recieve $30,000 per year for the rest of their life after they retired.
3. Personal Retirement Saving: more and more people must save for their own retirement. A 401(k) is a savings plan that delays paying some taxes until retirement in order to encourage people to save for their own retirement (RRSP in Canada).

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