Consider that you have decided to quantify many of the aspects required for financial planning on a personal basis. Accordingly, using your age (41) as of the first day of next month (May 2020), make all the appropriate assumptions as to discount rates to use, inflation rates and anyother variables you may need and explain your rationale.

1.You have decided to take control of your financial situation and do some long-term planning. Using your age as of the first day of next month, calculate how much you will have to save monthly to achieve your goal of a comfortable retirement ($50,000/year). Include all sources of possible income including Government Social Security income etc.

2.What difference would starting to save 5 years earlier have made?

3.What difference will starting 5 years from now make?

4.What difference would earning 200 basis points (2%) more on your investments in Question 1 make?

5.What difference would an increase in inflation of 75 basis points (0.75%) in Question 1 make?