Oakley is a mid-career professional balancing retirement savings with more expenses than a new graduate. He needs more flexibility and access to his funds in case of emergencies. Which retirement plan is the best option for him?
Answer
A
a 401(k) with 100 percent employer contribution matching up to 6 percent, a five-year cliff vesting schedule, and higher fees for early withdrawals
B
a pension plan with no early withdrawal access
C
a 401(k) with 75 percent employer contribution matching up to 5 percent, a two-year cliff vesting schedule, and lower fees for early withdrawals
D
a 401(k) with 100 percent employer contribution matching up to 5 percent, a five-year cliff vesting schedule, and lower fees for early withdrawals