Kelly and Scott, both age 48, want to retire at age 65. They estimated that their annual income need at retirement will be $80,000 in today's dollars. They expect 7% after-tax return and 4% inflation. They expect to live until age 95. Kelly and Scott are eligible to receive $1,900 in combined monthly Social Security benefits and $2,000 combined monthly income from their company pensions. Their combined federal and state income tax bracket is 31%. Using the example from the module reading/lecture, approximately how much do they need to save by the end of each month in order to meet their shortfall? Calculate the monthly savings on a pre-tax basis. Carry real return to nearest thousandth.

		$2,112.52
		$1,872.34
		$2,448.80
		$1,696.83
		$2,760.14
		$2,584.30