Ignoring his social security benefit, is the amount determined in question 1 sufficient to meet his current monthly expenses (keep in mind that he will receive a pension of $2,800) per month)? If not, how long will his retirement last if his current expenses remain the same? What if his expenses are reduced to $4,500 per month?ll his retirement last if his current expenses remain the same? What if his expenses are reduced to $4,500 per month?

Mini-Case Bill Petty, 56, just retired after 31 years of teaching. He is a hus- to invest his lump-sum bonus and other accounts now that he band and father of two children who are still dependent. He re- has retired. He also wants to know how much he can withdraw ceived a $150,000 lump-sum retirement bonus and will receive' per month, considering he has two children and a nonworking $2,800 per month from his retirement annuity. He has saved spouse. Because he has children, his current monthly expenses $150,000 in a 403(b) retirement plan and another $100,000 in total $5,800. He is not eligible for Social Security until age 62, other accounts. His 403(b) plan is invested in mutual funds, but when he will draw approximately $1,200 per month; however, most of his other investments are in bank accounts earning 2 or he would rather defer drawing on Social Security until age 67 to 3 percent annually. Bill has asked your advice in deciding where increase his monthly benefit amount to $1,550. Mini-Case Bill Petty, 56, just retired after 31 years of teaching. He is a hus- to invest his lump-sum bonus and other accounts now that he band and father of two children who are still dependent. He re- has retired. He also wants to know how much he can withdraw ceived a $150,000 lump-sum retirement bonus and will receive' per month, considering he has two children and a nonworking $2,800 per month from his retirement annuity. He has saved spouse. Because he has children, his current monthly expenses $150,000 in a 403(b) retirement plan and another $100,000 in total $5,800. He is not eligible for Social Security until age 62, other accounts. His 403(b) plan is invested in mutual funds, but when he will draw approximately $1,200 per month; however, most of his other investments are in bank accounts earning 2 or he would rather defer drawing on Social Security until age 67 to 3 percent annually. Bill has asked your advice in deciding where increase his monthly benefit amount to $1,550