Retirement Plan Case Solution
This document is based on the retirement plans, which has been made for an IT manager living outside the city center in the Germany. At the time of the making of the retirement plan; the age of a person is 35 years and the desired retirement age is 65 years and 7 months. This retirement plan is based on the three scenarios, which are considered the medium or average, low or worst and high or best. The reason of making these three scenarios is the movement of the forecast, which might be up or low according to the figures which we have actually collected while making the retirement plan.
Retirement Plans and Other Benefits
Retirement plans are important benefits that are provided by public and private employers, unions and the military. If you have pension rights, you are in luck. Many people do jobs that do not provide a pension or do not qualify for the acquired pension rights. “Vesting” refers to the day you are entitled to or the money that you and your employer have paid into your account, even if you stopped working before you retired. If your pension is not given; you will receive a pension. Many women over 65 do not enjoy a survivor’s right to her husband’s pension, because their husband did not choose a survivor’s pension from the employer’s pension plan, or because their husband divorced or died prematurely and did not grant the rights to their widows.
Retirement Plan Components
There are four component of retirement plans, which are:
- In the income part; I have added all the reasonable income that can be earned by an IT manager during the one fiscal year. These incomes have been added in order to provide the best fiscal earnings of a 35-year-old IT manager. These incomes have been sourced by the “PayScale. (February, 2020). Average Information Technology (IT) Manager Salary in Germany from https://www.payscale.com/research/DE/Job=Information_Technology_(IT)_Manager/Salary. This research indicates that the average annual salary of an IT manager in Germany is 62,763 and the highest and lowest scenario vary from the 10% of the average salary.
In addition to this, the expenses are an important part of an individual’s life. These expenses include:
- House rent expense.
- Electricity, Gas, Water, Trash.
- Vehicle Insurance.
- Gasoline for Vehicle.
- Entertainment (Dining out, Movies, etc.)
- Health Insurance.
- Vehicle Tax (100 cc)
- Vehicle Maintenance.
For the house rent expense; the data has been collected from “Numbeo. (May, 2020). Cost of living in Germany from https://www.numbeo.com/cost-of-living/country_result.jsp?country=Germany”. This research indicates that the average house rent expense of 3 bedrooms in the suburban Germany is 1,052.63 and the highest and lowest scenario vary by 10% of the average house rent expense.
For the Electricity, Gas, Water, Trash expense; the data has been collected from “Destination Scanner, Better Choices Better Life. (January, 2020). Cost of Living in Germany 2020 from https://destinationscanner.com/cost-of-living-in-germany/”. This research indicates that the average Electricity, Gas, Water, Trash expense of an IT manager in Germany is 235 per annum, and the highest and lowest scenario vary from the 10% of the average Electricity, Gas, Water, Trash expense…………………….
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