Is Your Retirement, Okay?

According to some financial experts, you need to have somewhere in the range of $$1\mathrm{.}8$ million or more saved to retire comfortably right now in America for $20$ years. If that figure seems unattainable, or even just a bit intimidating, at first glance, don't worry, it's a broad estimate. In fact, plenty of people can retire now comfortably with quite a bit less than $$1\mathrm{.}8$ million in their savings account. How much money you need to retire is really all about where you live.

Retire Now and Live Comfortably for $20$ years:

You have decided to stay in paradise, California. That is great! Hurray! The savings you need to retire comfortably for $20$ years in California is $$1,950,000.$

Activity:

Determine whether you have enough monies to live comfortably each year for $20$ years in your dream state of California.

Assume you are at age $67$ and will retire now! You the following assets:

Government Pension Plan worth $$600,000.$ You plan to take a simple ordinary annuity on your pension which will withdraw all assets of the pension in $20$ years. Assume $3\mathrm{.}15\%$ interest per year on the annuity. You will get monthly payments from your annuity for $20$ years and nothing thereafter.

Social Security $-$ $$39,360$ per year for $20$ years. Assume this is the total amount you will receive each year for $20$ years. Further assume there will be no increases to this year total for $20$ years.

Savings worth $$264,000.$ You plan to take a simple ordinary annuity on your saving which will withdraw all assets of your savings in $20$ years. Assume $2\mathrm{.}8\%$ interest per year. You will get monthly payments from your annuity for $20$ years and nothing thereafter.

Answer the following questions considering that you are now retired and have the above$-$mentioned monies and annuities:

What will be the monthly amount received individually from the pension plan, social security, and savings? What will be the monthly total? Round all $4$ answers to the nearest penny.

What will be the yearly amount received individually from the pension plan, social security, and savings? What will be the yearly total? Round all $4$ answers to the nearest dollar.

What will be the $20-$year amounts received individually from the pension plan, social security, and savings? What will be the $20-$year total amount? Round all $4$ answers to the nearest dollar.

Is the total amount enough to retire comfortably in your dream state of California for $20$ years? What are your thoughts?

Assume that you are age $18$ and not age $67$; therefore, you will start fresh $($i$.$e$.,$ you have no assets and savings$).$ It is projected that you will need to have a saving of $$3,500,000$ when you retire at age $67$ and live comfortably for the next $20$ years. For simplicity, do not factor in Social Security. What are your plans to make the required savings of $$3,500,000?$ Provide calculations and explanations. Your plans should be realistic and not farfetched.