Client Background: Name: Emily Rodriguez Age: 62 Occupation: Former Elementary School Teacher Retirement Status: Retired Information: Emily Rodriguez is a warm and vibrant 62-year-old individual who recently retired from a fulfilling career as an elementary school teacher. With over three decades dedicated to shaping young minds and nurturing a love for learning, Emily's decision to retire was marked by a mix of nostalgia for her time in the classroom and excitement for the new chapter of life ahead. Emily's passion for education extended beyond the classroom. She was known for her innovative teaching methods and her commitment to creating a nurturing environment for her students. As a widower who raised her two children on her own, Emily's teaching career not only provided financial stability but also instilled values of hard work and dedication in her children, both of whom have gone on to successful careers. Now that she's retired, Emily is eager to explore her hobbies and interests more deeply. Gardening has always been a therapeutic escape for her, and she envisions herself spending hours cultivating vibrant flowers and homegrown vegetables in her backyard. She dreams of transforming her garden into a haven of colors and fragrances that will not only enrich her own life but also bring joy to her children and grandchildren during their visits. In addition to gardening, Emily has an adventurous spirit she's eager to unleash. Traveling has been on her bucket list for years, and she's especially drawn to the idea of visiting botanical gardens across the country. She envisions herself strolling through carefully landscaped paths, discovering exotic plant species, and finding inspiration in the beauty of nature. Emily's financial situation is relatively stable due to her prudent financial planning and pension from her years of service as a teacher. However, she's aware that making informed decisions about her retirement benefits is crucial to ensure a comfortable and fulfilling life during this new phase. She's also mindful of healthcare costs and is curious about how to navigate the complex world of Medicare and supplemental coverage options. Your Task: (Explain your answers in detail, providing support from the textbook or other relevant sources. Your answers should be formatted as a report you are preparing for your clients' financial planning team, so be professional and thorough.) 1. Emily is unsure about the best time to start claiming her Social Security benefits and is curious about how her years of teaching might affect her benefits. 2. Emily would like guidance on estimating her retirement benefit from the state-funded pension, given the formula and her years of service. What benefit should she expect from the state funded pension program? How might this benefit affect her decision of when to take SS benefits? 3. She has heard about Medicare but is unclear about the different parts (A, B, C, and D), how they work together, and when she should enroll. Explain to her the basics of each and when and what parts she should enroll. 4. Emily is concerned about potential healthcare costs in retirement and is interested in understanding options like Medigap and Medicare Advantage plans. Explain the purpose of these plans and any restrictions or limitations, then provide a recommendation.