Mary and Peter calculate their annual living expenses if they retired today would be $$67,000.$ They estimate that their average tax rate in retirement would be $12\%$ and their annual Social Security income would be about $$22,000.$ If they plan to retire in $20$ years and the estimated annual rate of inflation between now and retirement is $2\mathrm{.}5\%,$ calculate the annual inflation$-$adjusted income shortfall during retirement for this couple.$$

Mary and Peter calculate their annual living expenses if they retired today would be $$67,000.$ They estimate that their average tax rate in retirement would be $12\%$ and their annual Social Security income would be about $$22,000.$ If they plan to retire in $20$ years and the estimated annual rate of inflation between now and retirement is $2\mathrm{.}5\%,$ calculate the annual inflation$-$adjusted income shortfall during retirement for this couple.$$

$$88,709$

$$76,136$

$$28,359$

$$54,136$