6. Projecting retirement income and the investment needs worksheet Estimating Future Retirement Needs Carlos and Ankti know that you are completing a personal finance course and that you understand how to complete a Projecting Retirement Income and Investment Needs worksheet. They have gathered the following information for you: Both Carlos and Ankti are 45 years old and plan to retire when they reach age 65. Their estimated level of annual current household expenditures is $62,500. They estimate that they will need 95% in retirement. They will receive $1,556 per month of Social Security income and no other sources of income (except pension). They talked with friends and believe that 8% is a realistic rate of return on their investments once they retire. Carlos will have worked at Proctor & Gamble for his entire career and will have an annual pension amount of $22,475. Ankti will have worked at Apple Computer for her entire career and will have an annual pension amount of $12,000. Based on their Internet research, they will use 6% as the average annual inflation rate for retirement calculations. After contacting their savings and loan, they found out a savings account is currently paying 5%.