Assuming an inflation rate of 2% p.a. and a retirement age 65. Calculate whether theyll have enough money to fully fund their retirement spending of $100,000 in current (real) dollars.

• Lauren's age: 28
• Bob's age: 29
• Combined annual income of $140,000 after taxes.
• They have life insurance through their employer equivalent to their annual salary. Lauren has a $100,000 renewable convertible term policy. Bob has a $150,000 renewable convertible term policy.
• They have $300,000 in their RRSP account (entirely invested in U.S. small cap).
• The TFSA account has a balance of $170,000. Bob uses the TFSA account to speculate in the stock market (entirely invested in U.S. blue chips and U.S. small cap).
• Show your work.