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Oscar claims that employee benefits have little impact on lifetime income so one should only consider a job with the largest salary. Which statement about his claim is true? He is correct because a larger salary would allow one to save more money for retirement. He is correct because benefits have no monetary value to an employee even though the employer may pay for them. He is incorrect because health insurance will save the employee money he could apply to retirement. He is incorrect because the employer gives the money for benefits directly to the employee so the employee can use the money as he wishes.
Oscar claims that employee benefits have little impact on lifetime income so one should only consider a job with the largest salary. Which statement about his claim is true? He is correct because a larger salary would allow one to save more money for retirement. He is correct because benefits have no monetary value to an employee even though the employer may pay for them. He is incorrect because health insurance will save the employee money he could apply to retirement. He is incorrect because the employer gives the money for benefits directly to the employee so the employee can use the money as he wishes.
Final answer:Oscar is incorrect because benefits like health insurance can lead to savings that increase an individual’s lifetime income, and defined benefits plans are a vital part of retirement planning. Social Security may also influence personal savings behavior.Explanation:Oscar's claim that employee benefits have little impact on lifetime income is incorrect because health insurance and other benefits actually represent a considerable portion of an employee's compensation package. While a larger salary can theoretically lead to higher savings for retirement, benefits such as health insurance can save employees considerable amounts of money. These savings can then be channeled into retirement plans, effectively increasing an individual's lifetime income. Additionally, benefits like retirement pension plans, often called 'defined benefits' plans, are designed to provide income in retirement and are a core part of an employee's financial planning.Another critical aspect to consider is the impact of Social Security and how it affects the saving behavior of individuals. While Social Security provides a form of retirement income, there is evidence suggesting that its presence may actually reduce the amount that workers save on their own. This dynamic is important when considering the role of employer-provided benefits and personal retirement savings as a collective approach to securing financial stability in retirement....