Which Type of Retirement Plan Guarantees a Specific Amount of Income

question 53

Multiple Choice

Which type of retirement plan guarantees a specific amount of income for the person upon retirement?

• A)Defined benefit plan
• B)Defined contribution plan
• C)401(k) plan
• D)An ESOP

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Definitions:

Innovation

The process of creating new ideas, products, or methods, which can significantly change and improve the way things are done.

Creativity

The ability to produce original, innovative ideas, approaches, or solutions by thinking beyond traditional boundaries and patterns.

Originality

The quality of being novel or unusual; the ability to think independently and creatively.

Inventiveness

The quality of being skilled at inventing, devising, or contriving new ideas, methods, or devices.