CW3

Family Budgeting Activity

Meet Darius and Lucy Jones. They currently have 2 children (ages 13 and 10) and a golden retriever dog. Darius is a Navy veteran and works for a defense contractor. His current annual salary is $64,350. Lucy works as a teacher's assistant at their children's local public school and earns $36,600 per year. Lucy's job allows the family to avoid after school child care costs. Darius and Lucy have barely started saving for retirement, even though the school district Lucy works for offers 100% matching funds for her 401-k if she contributes 6% of her salary. She currently only contributes 2% of her salary to her 401-k, so she receives no matching funds.