Current age: 32

Age of retirement:65

Annual income: $45,750

Expected salary increase: 2.5%

Expected rate of inflation: 3%

Social Security may provide $32,864

Based on an inflation rate of 3.00% the value of $32,864.00 is going to be reduced to $12,390.59 in 33 years.

Discuss the difference between the projected annual benefit, and the real buying power of your projected benefit based on the impact and projection of inflation. Realizing the difference between current and future value of benefits, discuss whether you could you survive on your Social Security income alone. If not, suggest ways you plan on augmenting your future retirement income. Discuss the actions you can take in order to meet your future lifestyle objectives.