John and Mary, both 45 years old, are married and have one child, age 10. They plan to pay for his college at an in-state university from age 18 to 23 and they would like to retire at age 62. They have provided the following financial data.

Joint employment income $180,000

John's 401(k) plan contributions $16,500

Mary's IRA contributions $4,000

John's 401(k) plan employer match $5,000

Annual gifts from John's parents $10,000

Total Investment Assets $360,000

Total Cash and Cash Equivalents $90,000

What are John and Mary's investment assets to gross pay ratio and savings rate?

Is the investment assets to gross pay ratio sufficient for their age?

Is the savings rate appropriate for their goals?

Explain your responses.