Question: Ellen Satter, age 59, wants to establish a retirement plan for her business tht will allow her to retire in 6 years. She expects to earn $200,000 and estimates that she will need to save an additional $60,000 in order to fund her retirement goal. She currently employs 4 part time employees earning between $20,000 and $30,000 in salary. Assuming tht the business has strong cash flows, what would be the most appropriate retirement plan for Ellen to establish?
a) defined benefit plan
b) Money purchase
c) stock bonus
d) thrift plan
e) profit sharing plan