make a small summary of the project

Personal Finance Case #17 Bruce and Faith Johnston, 64 and 58, are preparing for retirement within two years. Other short-term financial goals of theirs are to pay off almost $12,000 of outstanding debt on credit cards and spend $5,000 on an engaged daughter's wedding. They'd also like to pay off their $75,000 mortgage, which has 9 years remaining. Within the next 3 to 10 years, they'd like to buy a new car, travel, and make several home improvements. Bruce stated their long-term goal as follows: "to be alive and enjoy life with sufficient funds to survive." Both spouses are employed and, together, earn $68,000 annually or gross monthly earnings of $5,666. They estimate their monthly household expenses to be $3,500, including $850 for mortgage principal and interest, $400 for property taxes, $300 for utilities, $250 for insurance, and $278 for a brand new car loan with 48 payments remaining. They had a "late parenthood" and are currently subsidizing living expenses for two children in their 20s. The monthly cost of these expenses is estimated at about $1,000. The couple's net worth (assets minus debts) is $456,990. On the asset side, the Johnstons have no cash assets whatsoever, such as a bank savings account or money market mutual funds. What they do have are their $230,000 house, $235,000 in Bruce's company profit-sharing plan, two cars worth $22,000, and $73,000 of personal property. On the debt side, they owe $75,000 on their mortgage, $13,344 for the car loan, $11,666 on credit cards, and $3,000 on a PLUS loan for a child's college expenses. Bruce's employer provides health insurance for the couple for a premium payment of $108 per month. He will soon become eligible for Medicare at age 65, so the employer coverage will become a secondary payor for him. The employer will also continue to provide health benefits for Faith, but for an increased premium of $352 (current price) once Bruce retires. Neither spouse has disability insurance, nor does the couple carry an umbrella liability policy. Their home and car have coverage with $300,000 liability limits. Both spouses have wills that were last reviewed five years ago. They have recently been told by their attorney to get a living will and power of attorney. There is the potential for the couple to receive an inheritance of about $150,000 from Faith's 88-year old father. As for other sources of retirement savings, neither spouse has an individual retirement account (IRA) or any type of tax-deferred retirement savings plan, although Faith's employer offers a 401(k)