Manny is 59 years old and close to retirement. He earns a gross annual salary of $185,000. His average tax rate is 41% and he manages to save $600 each month for his annual vacation. Manny spoke to his Financial Planner who recommended that he start an emergency fund, which he recommended as 3-6 months to cover emergencies. How much should Manny have as a recommended maximum for an emergency fund?

Points: 1

1. $57,200

2. $50,975

3. $23,755
4. $29,250
5. $23,984