1. What is Richard's full retirement age (FRA)? (10 points) 2. What is the reduced monthly SS retirement benefit if Richard draws at age 62? Show your calculation. (15 points) 3. What is the increased monthly SS retirement benefit if Richard draws at age 70? Show your calculation. (15 points) 4. Show the calculation for the analysis of the present value for taking benefits at age 62. (15 points) 5. Show the calculation for the analysis of the present value for taking benefits at age FRA. (15 points) 6. Also discount the PV found at FRA back to age 62 for an apples to apples comparison. (5 points) 7. Show the calculation for the analysis of the present value for taking benefits at age 70. (5 points) 8. Also discount the PV found at age 70 back to age 62 for an apples to apples comparison. (5 points) 9. If you were Richard's financial advisor, would you recommend taking benefits at age 62, FRA, or 70? Give the reasoning for your recommendation. Your answer should be at least 2 paragraphs in complete sentences. (15 points)