Max (age 35) is a financial advisor and earns $100,000 after tax per year. He is an avid adventurer and would like to retire as early as possible. Although he spends a lot of money on frivolous items, he has savings of $200,000. Max is conservative and wants to assume a 6% annual investment rate of return and inflation of 3% per year. Based on his family history, Max expects that he will live to be 95 years old. Max is unsure that social security will be available when he retires and wants to exclude this benefit from his retirement plan. Assuming he has a WRR of 40%($40,000), how much would he have to save every year to retire at age 50? $48,018 $68,611 $46,077 Max cannot save enough money to retire at age 50 based on his spending needs. Max (age 35) is a financial advisor and earns $100,000 after tax per year. He is an avid adventurer and would like to retire as early as possible. Although he spends a lot of money on frivolous items, he has savings of $200,000. Max is conservative and wants to assume a 6% annual investment rate of return and inflation of 3% per year. Based on his family history, Max expects that he will live to be 95 years old. Max is unsure that social security will be available when he retires and wants to exclude this benefit from his retirement plan. Assuming he has a WRR of 40%($40,000), how much would he have to save every year to retire at age 50? $48,018 $68,611 $46,077 Max cannot save enough money to retire at age 50 based on his spending needs