Ben Stein is a college professor (age 65), who is approaching retirement. Brandi, his wife (age 62), is a part-time ballet trainer who loves her job and does not have any plans to fully retire. Their annual income is $140,000, and they annual expenses are listed below. Ben has built a solid 403(b) account with $1 million in investments and will receive a pension at retirement of $8,000 per month. Brandi also has a Roth IRA with $300,000 in investments and will receive $1,200 per month from Social Security when she turns 70. Ben and Brandi will pay off their vacation home in Orlando, Florida next year and will no longer contribute to their personal savings or grandkids' college savings once they retire. They will withdraw money from their retirement accounts to pay for extra expenses and to supplement their pension/social security income.

Annual Expenses
Mortgage for the vacation home	$20,000
Total insurance premiums	$20,000
Taxes, Bills, Clothes, Groceries, and other Living Expenses	$42,000
Savings and Retirement Contributions	$23,000
Saving for their grandkids' college	$12,000
Entertainment, gifts, travels	$23,000

1. Explain how an Emergency Fund or Cash needs will change once Ben is retiredby comparing their current emergency fund needs vs their post retirement emergency fund needs in at least 4 sentences.
2. List 5 additional possible risks Ben and Brandi might face entering retirement? How can they manage them?