25 points Kelly and Scott, both age 48, want to retire at age 65 They estimated that their annual income need at retirement will be $80 000 in today's dollars They expect after tax return and 4 inflation They expect to live until age 95 Kelly and Scott are eligible to receive $1,900 in combined monthly Social Security benefits and $2,000 combined monthly income from their company pensions Their combined federal and state income tax bracket is 31 Using the example from the module reading lecture, approximately how much do they need to save by the end of each month in order to meet their shortfall Calculate the monthly savings on a pre tax basis Carry real return to nearest thousandth $2 760 14 $2 448 80 $1 872 34 $2 112 52 $1,696 83 $2 584 30 25 points Kelly and Scott, both age 48, want to retire at age 65 They estimated that their annual income need at retirement will be $80 000 in today's dollars They expect after tax return and 4 inflation They expect to live until age 95 Kelly and Scott are eligible to receive $1,900 in combined monthly Social Security benefits and $2,000 combined monthly income from their company pensions Their combined federal and state income tax bracket is 31 Using the example from the module reading lecture, approximately how much do they need to save by the end of each month in order to meet their shortfall Calculate the monthly savings on a pre tax basis Carry real return to nearest thousandth $2 760 14 $2 448 80 $1 872 34 $2 112 52 $1,696 83 $2 584 30

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25 points Kelly and Scott, both age 48, want to retire at age 65  They estimated that their annual income need at retirement will be $80 000 in today's dollars  They expect after tax return and 4  inflation  They expect to live until age 95  Kelly and Scott are eligible to receive $1,900 in combined monthly Social Security benefits and $2,000 combined monthly income from their company pensions  Their combined federal and state income tax bracket is 31 Using the example from the module reading lecture, approximately how much do they need to save by the end of each month in order to meet their shortfall  Calculate the monthly savings on a pre tax basis  Carry real return to nearest thousandth $2 760 14 $2 448 80 $1 872 34 $2 112 52 $1,696 83 $2 584 30 25 points Kelly and Scott, both age 48, want to retire at age 65  They estimated that their annual income need at retirement will be $80 000 in today's dollars  They expect after tax return and 4  inflation  They expect to live until age 95  Kelly and Scott are eligible to receive $1,900 in combined monthly Social Security benefits and $2,000 combined monthly income from their company pensions  Their combined federal and state income tax bracket is 31 Using the example from the module reading lecture, approximately how much do they need to save by the end of each month in order to meet their shortfall  Calculate the monthly savings on a pre tax basis  Carry real return to nearest thousandth $2 760 14 $2 448 80 $1 872 34 $2 112 52 $1,696 83 $2 584 30

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25 points Kelly and Scott, both age 48, want to retire at age 65. They estimated that their annual income need at retirement will be

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