Question
Fund life & insurance Connie is a senior manager at a fortune 500 company and makes $100,000 a year. Her company offers to contribute to
Fund life & insurance
Connie is a senior manager at a fortune 500 company and makes $100,000 a year. Her company offers to contribute to her 401k and she maxes out the before tax contribution every year. Currently she has $100,000 in her 401k account and she is 36 years old.
Connie owns a house with $150,000 outstanding mortgage. The monthly payment for this house is $1000 (including tax, insurance, and mortgage).
After paying all the loans/mortgages/utility and other living expense, she will have about $1000 left over each month.
Facing longevity risk, Connie has found you, as her financial planner for retirement.
What is your suggestion for her situation?
(Your answer can be creative and doesnt have to be insurance or financial products.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started