Bill (age 42) and Molly (age 39) Hickok, residents of Anchorage, Alaska, recently told you that they have become increasingly worried about their retirement. Bill, a public school teache, dreams of retiring at 62 so they can travel and visit family. Molly, a self-employed travel consultant, is unsure that their current retirement plan will achieve that goal. She is concerned that the cost of living in Alaska along with their lifestyle have them spending at a level they could not maintain. Although they have a nice income of more than $100,000 per year, they got a late start planning for retirement, which is now just 20 years away. Bill has tried to plan for the future by contributing to his 403(b) plan, but he is only investing 6 percent of his income when he could be investing 10 percent. Use what they told you along with the information below to help them prepare for a prosperous retirement Molly's income $78,000 Bill's income $42,000 Social Security income at retirement $2,600/mo Current annual expenditures $70,000 Bill's Roth IRA $20,000 Bill's 403 (b) plan $47,800 Marginal tax bracket 25 percent Assuming Bill and Molly can reduce expenses and invest more, how do their retirement savings limits differ before and after age 50? Bill (age 42) and Molly (age 39) Hickok, residents of Anchorage, Alaska, recently told you that they have become increasingly worried about their retirement. Bill, a public school teache, dreams of retiring at 62 so they can travel and visit family. Molly, a self-employed travel consultant, is unsure that their current retirement plan will achieve that goal. She is concerned that the cost of living in Alaska along with their lifestyle have them spending at a level they could not maintain. Although they have a nice income of more than $100,000 per year, they got a late start planning for retirement, which is now just 20 years away. Bill has tried to plan for the future by contributing to his 403(b) plan, but he is only investing 6 percent of his income when he could be investing 10 percent. Use what they told you along with the information below to help them prepare for a prosperous retirement Molly's income $78,000 Bill's income $42,000 Social Security income at retirement $2,600/mo Current annual expenditures $70,000 Bill's Roth IRA $20,000 Bill's 403 (b) plan $47,800 Marginal tax bracket 25 percent Assuming Bill and Molly can reduce expenses and invest more, how do their retirement savings limits differ before and after age 50