Melvyn, age 47, is starting to think about retirement. He wants to make his estimate based on receiving only the CPP retirement benefit, and not the OAS benefit. He plans to retire at age 65 . He estimates he will need $6,000 per month before tax in retirement to give him the lifestyle he wants. His father died at 92 , so Melvin is going to base his estimate on dying at age 92 . He estimates his indexed pension plan will pay him about $3,000 per month. He currently has $30,000 in an RRSP. For planning purposes, Melvyn is using a 6.5% real rate of return on savings before retirement and a 4.5% real rate of return during retirement. 1. Use a table and/or timeline to describe Melvyn's retirement cash flows. Be as descriptive as possible. (2 marks) 2. What is the present value at retirement of his required retirement income beforetax? 3. What is the present value at retirement of his indexed pension plan 4. What is the present value at retirement of his Canada Pension Plan? The maximum CPP benefit payment rate in 2019 is $1,154.58 per month; however, Melvyn will only be eligible to receive 60% of this amount. 5. Taking into consideration his indexed pension plan and CPP benefits, how much does Melvyn need to have saved, at retirement, from his RRSP savings? 6. Assuming he can save all he needs in an RRSP, how much does he need to save from now until retirement to meet his retirement objective? Assume he will save money at the end of each month