At the retirement planning meeting held recently, richard and monica were in agreement that they were well short of the money they needed for retirement at richard's age 65. Monica said she was thinking of handling investments herself. Richard siad he wanted to do it and thought that savings outside the pension given current lower tax rates for capital gains and dividends made sense.

Q1.) What is your opinion of richard's contention that saving outside the pension was the best?

Q2.) What are their alternatives in covering the shortfall in annual retirement savings?

Q3.) What are your recommendations?

Q4.) Construct the retirement planning portion of the financial plan.