As the Jones' Financial Planner, are they on the right track to reach their retirement goal?Using TVM
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Question:
- As the Jones' Financial Planner, are they on the right track to reach their retirement goal?Using TVM Calculations, determine at the current savings rate how close to the goal of 1.4 million at retirement the clients are projected to achieve. (3 marks)
MODE | P/Y | C/Y | N | I/Y | PV | PMT | FV |
- The Jones' are wondering what RRSP maturity option would provide them with flexibility and the ability to maintain control over how their funds are invested at retirement. Provide the Jones' with an overview on which RRSP maturity option would best fit their needs and why. (Your response should be between 3-4 sentences long). (3 marks)
- The Jones' have questions about CPP. Provide a brief explanation on what CPP is and how one can be eligible for the maximum CPP benefit. (Your response should be between 2-3 sentences long). (2 marks)
- After reviewing the Jones' financial situation, provide a recommendation to the couple that would optimize their retirement goal plan. Be sure to elaborate on how your recommendation would help them with achieving their retirement goals. (Your response should be between 4-6 sentences long). (4 marks)
- In regards to saving for Rebecca's post secondary education, the Jones' mention that they would like to have $38,000 for Rebecca in 8 years and are unsure what the best course of action would be. Using relevant concepts from this course, provide the Jones' with a recommendation and explain how this could help them achieve this goal. (Your response should be between 3-4 sentences long). (3 marks)
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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