3. How much life insurance do you need? Calculating resources Part 2 Aa Aa E Dmitri and Rina Ivanov have completed Step 1 of their needs analysis worksheet and determined that they need $2,323,000 to maintain the projected lifestyle of Rina (age 32) and their two children (ages 3 and 4) in the event of Dmitri's (the primary earner's) death. The Ivanovs also have certain financial resources available after Dmitri's death, however, so their life insurance needs are lower than this amount If Dmitri dies, Rina will be eligible to receive Social Security survivors' benefits-approximately $3,500 a month ($42,000 a year) until the youngest child graduates from high school in 15 years. After the children leave home, Rina will be able to work full-time and earn an estimated $38,000 a year (after taxes) until she retires at age 65. After Rina turns 65, she'll receive approximately $3,100 a month ($37,200 a year) from her own Social Security and retirement benefits. The life expectancy for a woman within Rina's demographic is 87. The couple has also saved $58,000 in a mutual fund, and Dmitri's employer provides him a $100,000 life insurance policy Using this information, complete Step 2 of the needs analysis worksheet to estimate their total financial resources available after death. (Note: If the value of a certain entry is zero, be sure to enter "0" to receive credit.) Life Insurance Needs Analysis Worksheet (Part 2) Step 2: Financial Resources Available After Death 1. Income Period 3 Period 1 Period 2 a. Annual Social Security survivors' benefits i$ $L Surviving spouse's annual income c. Other annual pensions and Social Security benefits d. Annual income (1 a 1b 1c) e. Number of years in time period 15 18 22 f. Total period income (1d x 1e) i $I $2,132,400 g. Total income 2. Savings and investments 3. Other life insurance Other resources Total Financial Resources Available (1g 2 3 4): $2,290,400