Jordan is 45 and wants to retire in 22 years. His family has a history of living well into their 90s. Therefore, he estimates that he will live to age 97. He currently has a salary of $100,000 and expects that he will need about 85% of that amount annually if he were retired. He can earn 9 percent in his portfolio and expects inflation to be 3 percent. Jordan currently has $125,000 invested for his retirement. His Social Security retirement benefit in todays dollars is $30,000 per year at normal age retirement of age 67. How much does he need to save at the end f each year to meet his retirement goals?

$10,271.

$10,680.

$11,641.

$12,491.