$1.$ Looking over Jamie Lee and Ross$$s assets, which ones could be valuable to them for income as retirement approaches? CONTINUING CASE Starting Early: Retirement Planning Jamie Lee and Ross, now in their $50$ s and still very active, have plenty of time on their hands now that the triplets are away at college. They both realized that time has just flown by; over $24$ years have passed since they married! Looking back over the past years, they realize they have worked hard, Jamie Lee as the proprietor of a cupcake caf$$ and Ross self$-$employed as a web$-$page designer. They have enjoyed raising their family and striven to make financially sound decisions. Now they are looking forward to a retirement that is just around the corner. They saved regularly and invested wisely over the years. They have rebounded nicely from the recent economic crisis, as they watched their investments closely and adjusted their strategies when they felt it necessary. They purchase vehicles with cash and do not carry credit card balances, choosing instead to use them for convenience only. The triplets are pursuing their master's degrees and have tuition covered through work$-$study programs at the university. Jamie Lee and Ross are just a few short years from realizing their goals of retiring at $65$ and purchasing the home at the beach! $1,500$ net income after $0$ net income after taxes$)$ Questions $1.$ Looking over Jamie Lee and Ross's assets, which ones could be valuable to them for income as retirement approaches? $2.$ Using the Personal Financial Planner Sheet $63,$ "Retirement Planning," evaluate Jamie Lee and Ross's housing needs as they begin to look at retirement properties at the beach. Using the Internet, research retirement options for Jamie Lee and Ross at the beach of your choice. What are the prices for a small residence that would suit their needs during their retirement years? $3.$ Jamie Lee and Ross estimate that they will have $\backslash (\backslash$$ $1\backslash )$ million in liquid assets to withdraw from at the start of their retirement. They plan to be in retirement for $30$ years. Using the chart in Exhibit $18-16,$ "Dipping into Your Nest Egg," how much can Jamie Lee and Ross withdraw each month and still leave their nest egg intact? How much can they withdraw each month that will reduce their nest egg to zero?EXIHBIT $18-16$ Dipping into your nest egg Note Based on an interest rate of $\backslash (5\mathrm{.}5\backslash )$ percent per year, compounded quarterly. Source Select Committee on Aging. U$.$S$.$ House of Representatives. EXHIBIT $\backslash (18-17\backslash )$ Major sources of retirement income: Advantages and disadvantages