I need help with the following questions. I have attached the document used for this assignment.

1.Assume that Michelle is self-employed. What are her retirement plan options?

2. By using the annuity approach, calculate the capital needed at retirement (age 67) forthe Williamses. Assume a 9% after-tax rate of return. Base the calculation on Michael'ssalary only.

3. By using the capital preservation approach, calculate the capital needed at retirementfor the Williamses.

4. By using the purchasing power preservation approach, calculate the capital needed atretirement for the Williamses.

5. Explain the key differences among the three approaches in Questions 2-4.

6. Use the capital need you computed in Question 2 to determine whether the Williamseswill be able to retire at age 67 with their current annual savings. For current annualsavings, use Michael's Section 401 (k) plan contribution plus the employer's match andassume that Michelle saves all that she currently earns on an annual basis. Assume thatall investment assets (regardless of how they are currently invested) will earn a 9%after-tax rate of return. Consider the checking account, money market account, andcoin collection as nonretirement assets.

7. What changes, if any, would you recommend to the Williamses regarding their retirementplanning?

8. If Michael and Michelle include the receipt of Social Security benefits in their retirementplanning, could they retire at age 67 without increasing their annual savings? Assumethat at age 67 (in today's dollars) Michael's Social Security benefit would be $29,820and Michelle's would be $14,910. Use Michael's salary only.

9. If the Williamses choose to rely on Social Security benefits in their retirement planning,how much earlier than age 67 can they retire? (Assume all other facts as given inQuestion 8).