Sam Retired Last Year and Will Receive Annuity Payments for Life

question 1814

Multiple Choice

Sam retired last year and will receive annuity payments for life from his employer's qualified retirement plan of $30,000 per year starting this year. During his years of employment, Sam contributed $130,000 to the plan on an after- tax basis. Based on IRS tables, his life expectancy is 260 months. This year, Sam will include what amount in income?

• A) 0
• B) $24,000
• C) $6,000
• D) $30,000

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Definitions:

Team Interdependencies

The extent to which team members rely on each other to complete tasks and achieve common goals.

Newcomer Empowerment

The process of giving new members of an organization or community the authority or power to make decisions and contribute effectively.

Transformational Leadership

A style of leadership where the leader works with teams to identify needed change, creating a vision to guide the change through inspiration, and executing the change in tandem with committed members of the group.

Diverse Emotions

Refers to the variety of feelings and emotional states that individuals can experience in different contexts, contributing to the complexity of human behavior and interactions.