You are to prepare a retirement plan for yourself taking the following things into consideration:1. You plan to retire at 60 years old (if you are above 40 you can extend your retirement age to 66 or 70) and wish to have a substantial nest egg at retirement.2. You are to have two (2) retirement accounts, one an IRA and the second one should be either a Keogh, a section 401(k), or a section 457 plan (a 401(k) or 457 plan can be substituted for the 457).3. Your assumed rate of return on any investment(s) should not be greater than 8.5 percent annually.a. Attach a spreadsheet showing the amounts invested each year for both retirement plans.b. For the IRA you should go online and find actual investment firm(s) and select likely investments. For the Keogh, 401(k), or 457 you can use a sample that you find online.4. Your findings should be communicated to me via memorandum no later than Thursday, November 18, 2021. Your memorandum should thoroughly explain the tax benefits of your retirement plans and any assumptions that you use to arrive at your results. Please include at least the following:a. What is an IRA? What are the two types of IRAs? Also, fully explain the second type of retirement plan you selected (a 401(k), etc.).b. The maximum annual investment amount for your plans.c. Your age upon initial investmentd.Your projected retirement agee. Your projected salary or income in you will be self-employed (you must use realistic amounts nothing greater than $70,000)f. Information on the firm(s) you selected and why you selected them over othersg. Information on the investment accounts/vehicles you selected-why you selected them over others.h. Tax implications of your plan.i. Briefly explain what options are available to your Keogh, 401(k), or 457 plans if you change jobs/careers, etc.j. Total retirement income available upon your retirement.