2. Your client, Patricia, age 55, has the following budget: Current Salary $90,000 Federal/State Income Taxes FICA Contributions to 401(k) Work Related Expenses Living Expenses Entertainment $20,000 $6,000 $6,500 $3,500 $48,000 $3,000 In retirement, Patricia plans to live in much the way she lives today. However, she plans to travel, and budgets $9,000 per year for that. She also plans on engaging in additional hobbies that would cost $6,000. Patricia is also expected a new granddaughter and would like to contribute an additional $1,000 per year to a College Savings Plan (529) for her granddaughter. Assume Federal/State income taxes of 21% per year. Put together a retirement budget using the bottom-up approach for Patricia. State Patricia's required gross annual income needed to meet her retirement goals. Assume all figures are stated in today's dollars (in other words, you do not need to adjust for inflation for this exercise). 2. Your client, Patricia, age 55, has the following budget: Current Salary $90,000 Federal/State Income Taxes FICA Contributions to 401(k) Work Related Expenses Living Expenses Entertainment $20,000 $6,000 $6,500 $3,500 $48,000 $3,000 In retirement, Patricia plans to live in much the way she lives today. However, she plans to travel, and budgets $9,000 per year for that. She also plans on engaging in additional hobbies that would cost $6,000. Patricia is also expected a new granddaughter and would like to contribute an additional $1,000 per year to a College Savings Plan (529) for her granddaughter. Assume Federal/State income taxes of 21% per year. Put together a retirement budget using the bottom-up approach for Patricia. State Patricia's required gross annual income needed to meet her retirement goals. Assume all figures are stated in today's dollars (in other words, you do not need to adjust for inflation for this exercise)