Paragraph Styles Below are your rough notes from the conversation: Background Notes Fred is now 67 years old and Wilma is 56 years old. Both Wilma and Fred are healthy and both are still working full time. Wilma works for a marketing firm and expects to earn a salary of $135,000 in 2020, Wilma contributes to her Employer Pension Plan, as required by her employment agreement. At age 67. Fred still works (in the education field) and he expects to earn a gross salary of $85,000 in 2020. Fred works on contract and is not a member of an employer pension plan. Fred receives no benefits from his employer, In 2017 the Flints' got involved in sailing and now rent a large sailboat twice a year for a trip down the east coast of United States. These trips have added a large cost to the Flint's already very expensive lifestyle. The Flint's expect their total expenses for 2020 to be $255,000 Both Fred and Wilma want to retire in 2 years (at the end of 2022). In retirement, the Flint's estimate that they will require at least $160,000 in gross income per year (be ore expenses and before taxes). Fred expects to earn $60,000 total income per year at the start of his retirement (in 2022) and Wilma expects to earn $100.000 per year in the year she retires from her current employer (2012). Expected sources of retirement income for Fred is CPP. Old Age Security and 50% of the income from the Flint's non-registered investment portfolio Wilma's expected retirement income includes 50% of the income from the non-registered investment account and from her employer's pension plan. Under her employer's early retirement package. Wilma expects to earn pension income from her defined contribution pension plan when she retires. Wilma was recently informed by her employer that her pension income amount was guaranteed at 60% of her ending salary when she retires. Wilma asks you to explain this guaranteed pension amount to her as that was not her understanding of how her employers DC pension plan worked. Paragraph Styles Below are your rough notes from the conversation: Background Notes Fred is now 67 years old and Wilma is 56 years old. Both Wilma and Fred are healthy and both are still working full time. Wilma works for a marketing firm and expects to earn a salary of $135,000 in 2020, Wilma contributes to her Employer Pension Plan, as required by her employment agreement. At age 67. Fred still works (in the education field) and he expects to earn a gross salary of $85,000 in 2020. Fred works on contract and is not a member of an employer pension plan. Fred receives no benefits from his employer, In 2017 the Flints' got involved in sailing and now rent a large sailboat twice a year for a trip down the east coast of United States. These trips have added a large cost to the Flint's already very expensive lifestyle. The Flint's expect their total expenses for 2020 to be $255,000 Both Fred and Wilma want to retire in 2 years (at the end of 2022). In retirement, the Flint's estimate that they will require at least $160,000 in gross income per year (be ore expenses and before taxes). Fred expects to earn $60,000 total income per year at the start of his retirement (in 2022) and Wilma expects to earn $100.000 per year in the year she retires from her current employer (2012). Expected sources of retirement income for Fred is CPP. Old Age Security and 50% of the income from the Flint's non-registered investment portfolio Wilma's expected retirement income includes 50% of the income from the non-registered investment account and from her employer's pension plan. Under her employer's early retirement package. Wilma expects to earn pension income from her defined contribution pension plan when she retires. Wilma was recently informed by her employer that her pension income amount was guaranteed at 60% of her ending salary when she retires. Wilma asks you to explain this guaranteed pension amount to her as that was not her understanding of how her employers DC pension plan worked