4. Richard and Gloria are also concerned about retirement, especially with the 9 year age gap between Richard and Gloria. The earliest Richard would consider retiring is age 65, when his tax-deferred annuity will pay out $2,500/month in today's dollars. The latest Gloria wants to continue working is age 62, when she can apply for reduced Social Security benefits. Based on the following data/assumptions, what is/are your recommendation(s) for the Mocsins? a. Richard will receive $2,500/month from his tax-deferred annuity beginning at age 65. The amount he receives will not change if he delays retirement. b. Richard is eligible to receive a small Social Security benefit for his side work partnership in WRA. He is scheduled to receive $600/month at full retirement age (67) and a reduced monthly benefit of $420 at age (62). If he takes SS at age 62, he will likely not be able to keep working as his income will cut into his ss benefit. Assume Richard's ss benefit will go away when he dies. C. Gloria's Ss benefit is $2,100/month at FRA (67) and $1,400/month at age 62 (the earliest she can claim). d. The Mocsins believe they will need $10,000 in today's dollars per month in retirement income (gross, before taxes) to live a comfortable retirement. e. Richard's family's health longevity projects out to Richard living until age 86 or 87, while Gloria's family has a little longer longevity. Gloria would like you to project her living until age 95. f. Can Richard retire at age 67 and allow the Mocsins to meet their goals? g. What if they wait until Gloria is 62? h. Richard would like to know your thoughts on whether it would be better to continue drawing income from WRA in retirement, or sell his share of the business to fund his retirement. He projects that the valuation of WRA will be 2.25 times higher by the time he reaches age 65, and that both his income and the value of the firm will be 2.25 times higher than they are today. i. The CPI forecast from the Government projects inflation to run at 3% for the next 40 years. j. Assume a 9% rate of return for investments for the Mocsins going forward. 4. Richard and Gloria are also concerned about retirement, especially with the 9 year age gap between Richard and Gloria. The earliest Richard would consider retiring is age 65, when his tax-deferred annuity will pay out $2,500/month in today's dollars. The latest Gloria wants to continue working is age 62, when she can apply for reduced Social Security benefits. Based on the following data/assumptions, what is/are your recommendation(s) for the Mocsins? a. Richard will receive $2,500/month from his tax-deferred annuity beginning at age 65. The amount he receives will not change if he delays retirement. b. Richard is eligible to receive a small Social Security benefit for his side work partnership in WRA. He is scheduled to receive $600/month at full retirement age (67) and a reduced monthly benefit of $420 at age (62). If he takes SS at age 62, he will likely not be able to keep working as his income will cut into his ss benefit. Assume Richard's ss benefit will go away when he dies. C. Gloria's Ss benefit is $2,100/month at FRA (67) and $1,400/month at age 62 (the earliest she can claim). d. The Mocsins believe they will need $10,000 in today's dollars per month in retirement income (gross, before taxes) to live a comfortable retirement. e. Richard's family's health longevity projects out to Richard living until age 86 or 87, while Gloria's family has a little longer longevity. Gloria would like you to project her living until age 95. f. Can Richard retire at age 67 and allow the Mocsins to meet their goals? g. What if they wait until Gloria is 62? h. Richard would like to know your thoughts on whether it would be better to continue drawing income from WRA in retirement, or sell his share of the business to fund his retirement. He projects that the valuation of WRA will be 2.25 times higher by the time he reaches age 65, and that both his income and the value of the firm will be 2.25 times higher than they are today. i. The CPI forecast from the Government projects inflation to run at 3% for the next 40 years. j. Assume a 9% rate of return for investments for the Mocsins going forward