Based on the information above, kindly to:

a). Calculate their life expectancy ?

b). Prepare their current net worth statement ?

c). Prepare their retirement income budget ? 

d). Prepare their retirement expenses budget ?

e). Prepare their retirement cash budget ? 

f). Calculate the amount of retirement fund they need to retire ? 

g). Calculate the financial gap between their current net worth and retirement fund ?

This assignment will allow students to demonstrate their knowledge and application of personal finance planning. Personal finance planning includes finance management, risk management, investment, and retirement planning. In the assignment, we continue working with Hung and May and help them plan their retirement. Hung and May just turned 55 this year. Both have been active and do daily exercise. Hung and May are both non-smokers and rarely drink. Hung's parents are healthy, and they are in their 80s. There are not lots of mental stress for him now. Hung started his own consulting business and had many challenges ten years ago. The company is now stable, and he has employees managing the client accounts most of the time. He only shows up in important meetings. May has worked for the same organization and is not planning to change until her retirement. When Hung's father died, his mother received his father's life insurance payout. His mother, Ann, paid off the mortgage balance and has a significant amount left to cover her retirement. Ann wanted to keep the house in memory of her husband, but it was too much for her to take care of the property physically and mentally as her husband had just passed away. She hesitated between selling or keeping the property. Hung consulted with May and decided to purchase the property from his mother. They had Ann live with them and help them care for the kid, Long. Also, Ann would share the housing and living expenses as well. It was the perfect solution for everyone. They were able to keep Hong's mother close and help her cope with the loss of her husband. Ann could help them with the kid and share living expenses. Now, Long is 26 and about to get married. Ann is in her late 80s, and she needs additional care. After consulting with Hung and May, Ann moved to a retirement home in Florida to enjoy the warm weather. More importantly, she knows it will be too much for Hung and May to take care of her once she is in her no-go years. Now, Hung has no one else to worry about their retirement. A few days ago, Hung called and left a message, and they wanted to check their financial stability. Today, they came to the meeting and informed you that they would like to enjoy their earlier retirement to travel. Even though they know that their house is too much space for them, they want to keep it as long grew up there. Hung and May have so many good memories, and he is considering passing on the house to his grandchild as a heritage. Hung wants to know whether May and himself can afford to keep the house financially without compromising their retirement funds. They are considering early retirement at age 60 but are unsure about their financial situation after retirement. For the last 40 years, both have lived in Canada and made the maximum CPP contribution even after Hung Eric started his own business. When Hung left his firm and started his business, he had to give up his employer's pension plan. He received a lump sum payout of $50,000 after the income-taxed payout. Eric invested payout in his TFSA accounts. May has been working for the same company for the last 25 years, and her company provides a defined-benefit pension plan. If may continues working for the company until her retirement, she will be eligible for a fixed monthly payment of $2,000 until her death. The pension income is fully taxable, fixed, and without inflation adjustment. Besides their CPP contribution, They have invested with your firm using registered and non-registered tax-saving accounts. Last year, Hung paid off their 30-year mortgage, the last loan they owed. They are debt free and have $150,000 in savings in GIC, $250,000 in RRSP, and $250,000 in TFSA