Given the dats in the table above, if you and your spouse retire at your full-beneft age, you should expect to recelve your spouse should expect to receive each year. This would resuit in a combined annual Social Security benefit income of However, if you and your spouse elected to retire at age 62, then your and your spouse's expected Social Security benefits will be respectively. Your combined Social Security retirement income is expected to total According to the terms of your defined benefit retirement account, you expect to recelve a total income of per year, which is equal to of your minimum annual retirement income. You and your spouse's combined IRA and 401(k) accounts are currently worth Assuming that you and your spouse both retire at age 62, these three accounts will need to generate of additional income each year to achieve your desired minimum annual retirement income. Assume that: 1. Your three 1RA and 401(k) occounts can produce sutficlent income, over that generated by your combined Social Security benefits and your defined-benefit retirement account, to achieve your dosired minimum annual retirement income. 2. You and your spouse will live 20 years after you both retire (at age 62 ) and your IRA and 401(k) accounts will continue to earn 5% after you begin to make your annual withdrawals. How much money will you need in your three IRA and 401(k ) investments (combined) at the time you both retire to have sufficient income to last the rest of your lives? (Note: The appropriate present value interest factor for 5% and 20 years is 12.4622,) $866,746$933,419$566,728$500,055 If you and your spouse do not make any more contributions into your retirement accounts but the account balances grow at a rate of 5% per year, then your three IRA and 401(k) accounts will be worth a total of appropriate future value interest factor at 5% and 22 years is 2.9253.) Given the dats in the table above, if you and your spouse retire at your full-beneft age, you should expect to recelve your spouse should expect to receive each year. This would resuit in a combined annual Social Security benefit income of However, if you and your spouse elected to retire at age 62, then your and your spouse's expected Social Security benefits will be respectively. Your combined Social Security retirement income is expected to total According to the terms of your defined benefit retirement account, you expect to recelve a total income of per year, which is equal to of your minimum annual retirement income. You and your spouse's combined IRA and 401(k) accounts are currently worth Assuming that you and your spouse both retire at age 62, these three accounts will need to generate of additional income each year to achieve your desired minimum annual retirement income. Assume that: 1. Your three 1RA and 401(k) occounts can produce sutficlent income, over that generated by your combined Social Security benefits and your defined-benefit retirement account, to achieve your dosired minimum annual retirement income. 2. You and your spouse will live 20 years after you both retire (at age 62 ) and your IRA and 401(k) accounts will continue to earn 5% after you begin to make your annual withdrawals. How much money will you need in your three IRA and 401(k ) investments (combined) at the time you both retire to have sufficient income to last the rest of your lives? (Note: The appropriate present value interest factor for 5% and 20 years is 12.4622,) $866,746$933,419$566,728$500,055 If you and your spouse do not make any more contributions into your retirement accounts but the account balances grow at a rate of 5% per year, then your three IRA and 401(k) accounts will be worth a total of appropriate future value interest factor at 5% and 22 years is 2.9253.)
