Fluent Essays

only part two of this project , follow with part one are attached, requirements are attached also report_requirement_1_.docx research_part_1.docx report_requirement_1_.docx Unformatted Attachment Preview Topic: 401K First part: Summary Before research What you know about this topic Quick summary Introduction paragraph In part one, we think 401k is beneficial, and we believe that it is a long-term investment. Second part: In addition to what we learned about 401K in part one, we will do some more research about it. We will describe our work. For example, what articles we have read; what did those articles say about the 401K. We will add a counter argument to see different thoughts about 401k. We will use outside articles and study to support our ideas which are highlighted above. Furthermore, we will explain the benefit and importance of 401K in detail. For example, why do we need it; what is the outcome, etc. Read three articles for part two. Business writing style; 3 pages; font 12; double space; MLA format Introduction We choose 401(k) as our project topic because we realized that many families of American doesn’t have enough savings. For example, many American parents let their children pay their own college tuitions or loan their money because of they don’t have enough savings to cover the college tuitions. Furthermore, many American workers have higher chance to become homeless if they lost their jobs because they don’t have enough savings. All of our group members are from China with the same Chinese culture background. After our discussion, we realize that were lucky because our parents paying out college tuitions. And, if we get fired by our boss, we will be able to use the savings that we saved through the past few years to maintain the current life situation. We were wondering is there any policy to encourage American families save their money, and we decided to do the topic of 401(k) after our research. Background of 401K According to Tim Stobierski, an online financial advisor from Northwestern Mutual, states that “401(k) plan were created almost by accident. It started when congress passed the Revenue Act of 1978, which included a provision that was added to the internal Revenue Code – Section 401(k)-that allowed employees to avoid being taxed on deferred compensation” (Stobierski, 2018). Originally, 401(k) was designed to be a tax-friendly program. “Benefits consultant, Ted Benna, came up with the idea to allow employees to save pre-tax money into a retirement plan while receiving and employer match”. (Stobierski, 2018). The name of 401 (k) retirement plan was made based on the Section 401(k), a tax-friendly idea, under the Revenue Act of 1978. 401(k) retirement plan encourage many American families make savings. How 401(k) works There are two different types of 401(k); Traditional and Roth. These two types of 401(k) serving the same purpose-encourage American families to save money for their retirement. However, there are slightly difference between Traditional 401(k) and Roth 401(k). Traditional 401(k) allows people to contribute their money to retirement plan before tax. It helps Americans to lower their taxable income by not paying any taxes on contributions until they decided to withdrawals in retirement. On the other hand, Roth 401(k) made people to contribute their money to retirement plan after tax. It doesn’t help Americans to lower their taxable income. However, they will not pay any taxes after the retirement. Both of 401(k) plans are made to encourage Americans to save money for retirement. There are no exactly bottom lines of how much money do they want to save. On the other words, how much they decide to contribute to their 401(k) is up to them. Goal for this project For this group project, we will explain the benefits of 401(k), and why American need it in today’s society. We will provide several outside resources and articles to support out argument. Additionally, we will provide our insight on 401(k), talk about how we feel about 401(k) retirement plan. We believe 401(k) is another way of long -term investment that f=guarantees American citizens to have enough savings after their retirement. With retirement funds, people could fulfil their retirement life such as travel around the world, live in beautiful countryside, and experience new things. The 401(k) helps employees to save and invest their retirement funds while they are working. Topic: 401K First part: Summary Before research What you know about this topic Quick summary Introduction paragraph In part one, we think 401k is beneficial, and we believe that it is a long-term investment. Second part: In addition to what we learned about 401K in part one, we will do some more research about it. We will describe our work. For example, what articles we have read; what did those articles say about the 401K. We will add a counter argument to see different thoughts about 401k. We will use outside articles and study to support our ideas which are highlighted above. Furthermore, we will explain the benefit and importance of 401K in detail. For example, why do we need it; what is the outcome, etc. Read at least three articles for part two. Business writing style; 3 pages; font 12; double space; MLA format ... Purchase answer to see full attachment