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Liz is currently age 4 3 and happily divorced. She is concerned about becoming a burden on her children and would like some advice regarding

Liz is currently age 43 and happily divorced. She is concerned about becoming a burden on her children and would like some advice regarding saving for retirement. Liz estimates based on her current expenses, that she would need $60,000 per year in income and that Social Security will provide $23,000 in today's dollars at her full retirement age of 67. Liz would like to retire at age 67 and plan for a life expectancy of 20 years. She estimates that inflation will be 3% and that she will earn 8% on investments prior to retirement and will earn 6% on investments during retirement. What amount does Liz need to save at the end of each year in order to reach her retirement goal if she currently has $110,000 in her 401(k)?
a. $6,427
b. $6,941
c. $14,575
d. $15,741
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