John and Julie, ages 67 and 71 respectively, are retired.They do not have any children.Currently they reside in their own home, valued at $1,200,000.John has had some health issues but he remains in fair health and is fully mobile.They are on a fixed income.They do not have a mortgage, the only debt they have is a car loan of $6,000.They have little in terms of savings and are relying solely on their government pensions.They do not have any next of kin.

Steven and Betty are also retired, ages 70 and 68.They have no debts at all.They rent a bungalow in the suburbs.They have adult children - Chris age 35, George age 37 and Penelope age 39. George and Penelope are fully independent and have their own families.Chris lives in a basement apartment but still relies on his parents for financial support on occasion.

Steven and Betty are avid savers and have built up a nice nest egg for their retirement.Therefore, in addition to their government pensions they will have their investment assets to draw upon.Steven was a marathoner and now feeling the pains of his competitions.He is not as mobile as he used to be and requires a walker.Betty has some health issues and her prescription drugs are quite costly.

a)Identify the stage of the life cycle each couple is in. (2 marks)

b)Describe the financial priorities for this stage. (5 marks)

c)Identify how each couple differs in their financial needs and explain why. (13 marks)

Please tell me the answer and details. Thank you!