Tax deductions and contribution

Exam Content John and Carroll Speedwell are in their late 20s and recently married. Both John and Carroll have saved diligently for retirement while single. Now the couple wishes to purchase their first home and needs to save for the initial down payment. John and Carroll have come to you to help them develop a plan to save for their home while maintaining their retirement saving commitments. Create a 525 to 700 word plan in which you: Evaluate John and Carroll’s current retirement plans. Calculate current contributions to existing retirement plans. Analyze the impacts of prematurely accessing retirement funds. Recommend which retirement plans John and Carroll should continue to contribute to and the amount of future contributions. Recommend which retirement plans John and Carroll could potentially access prematurely. John’s retirement savings and contributions: Holdings in a money purchase pension: $17,000.00 (No ongoing contributions) From a former employer plan comprising a target benefit plan Traditional (IRA): $5,000.00 Ongoing contributions: $2,000/year Current employer’s 401(k) plan: $4,500.00 Contributes 5% of pay Employer matches with 2.5%. Caroll’s retirement savings and contributions: Roth (IRA) opened six years ago: $4,000.00 (No ongoing contributions) Former employer’s SEP plan: $18,000.00 (No ongoing contributions) Current employer’s 403(b) plan: $9,000.00 Contributes 6% of salary Employer matches with 7%. Do not include the questions in your responses. Use level one/two headings for each response required. With formatting, we need to provide a Microsoft Word document applying basic APA seven standards. Please remember to include a title page, introduction, conclusion, and cite/reference any researched source materials where required. See our annoucements for help with formatting in this area. Submit your assignment in the grading area as a properly named file. Note - for grading information please review the University rubric and returned document for grading comments.