Case $1$:Name: David MooreMale, $59$ years of ageDate of birth: December $01,1963$Salary at retirement: $$157,000$Retirement age: $65$ years of age$1.$ Defined contribution pension plan based on $2\%$ of salary contribution for employee and matching $2\%$ from employer $(4\%$ total annual contribution$).$ David has been employed with his company for $15$ years. His current pension plan is worth $$189,0002.$ Current savings in TFSA is $$30,0003.$ RRSP current balance is $$87,0004.$ Other savings current value $$10,0005.$ Assume: OAS at $65$ $$690$ and$6.$ CPP at age $65$ $$811($based on the calculators estimate$)$Monthly Expenses expected during retirement:$1.$ Mortgage payment, owing $$150,000,$ monthly payment of $$9002.$ Utility payments monthly: Heat, electricity, water, home insurance: $$4603.$ Entertainment monthly expenses: $$3004.$ Food $($groceries$,$ eating out, tim hortons$)$: $$4005.$ Home supplies: $$1506.$ Clothes: $$1507.$ Vacations $($assume one trip of $$5000)$: $$4008.$ Transportation $($car insurance, gas$)$: $$7009.$ Monthly other debt payments $($credit cards, lines of credit$)$: $$500$Answer the following questions for David Moore:$1.$ How much monthly income will he receive at age $65$ if he took his OAS and CPP along with his defined pension, savings, RRSP$?2.$ How much monthly income will he receive at age $70($puts off his retirement to age $70)$ if he deferred his OAS and CPP along with his defined pension, savings and RRSP$\mathrm{.}3.$ Will his monthly income support his lifestyle and bills at age $65?$ If not how much of an a

nual shortfall is shown?