I'm struggling with questions 6 through 9

5 wants to retire at age 60. He currently earns $60,000 per per year. His goal Bill, age 45, 80% of his preretirement income. He wants the retirement income to be has an investment portfolio valued at $150,000, which is cur- adjusted for inflation verage annual returns. Bill expects inflation to average 3% and, Bill has an investment p n his family health, predicts he will ive to age 90. Billis currently saving 7 income at each year-end and expects to continue this level of savin ore any Social Security benefits for purposes of retirement planning. gs. Bill 1. What will Bil's annual income needs be at age 60? 2. Will the need be for an ordinary annuity or an annuity due? 3. How much total capital will Bill need at age 60? 4. How much capital will Bill have at age 60? 5. Will Bill have enough income at retirement? 6. What is the earliest age that Bill could retire utilizing the current savings and 7. How much would Bill need to increase his savings on an annual basis to me 8. Even assuming that Bill increases his savings to an appropriate amount, wh 9. How could the capital needs analysis be modified to reduce the risks iden investment plan? goal of retiring at age 60? the risks that may affect the success of the plan? above