An investor estimates a retirement income need of $40,000 per month in 20 years. $20,000 of this future spending need will cover essential expenses, and $20,000 will be more flexible or aspirational expenses. Which of the following is correct? Question 6 options:

a) The estimated monthly savings needed to fund the $20,000 of essential expenses will be higher than the savings needed to fund flexible expenses.

b) The amount of estimated monthly savings needed to meet each $20,000 spending goal will be equal.

c) The flexible spending goal should be funded using immunized bond assets.

d) The amount of estimated monthly savings needed to meet the $20,000 of flexible expenses will be higher than the amount needed to fund essential expenses.