Part 2: Next, compare the figures above with what you can expect to retire on if you rely only on Social Security. Go to the U.S. Social Security Administration's website at www.ssa.gov. On the home page, click on "Benefits" and select "Calculators" from the menu. On the following page.choose "Quick Calculator." On the Quick Calculator" page, make up a year of birth (must be at least 21 years old for calculator to work) and estimate a retirement date (use at least 65 years old). Enter your anticipated earnings for your career choice (experiment using different amounts). Also, select "inflated (future) dollars." This will adjust your earnings for inflation. Next, click "Submit request." Your monthly benefit amount will be calculated. Calculate at least two different earning amounts and record your results below. Earnings Earnings Monthly Benefit Monthly Benefit Consider the results from both parts of this activity and answer the following: Based on this activity, describe the relative importance of Social Security, employer retirement plans (.e.. 401(k)), and personal investments. What is the maximum monthly benefit you can receive from Social Security? DATE NAME Addy Gose Monthly Retirement Planning 121 Complete This Chart In order to retire with security, you must have a goal and a visual picture of how to accomplish it. Your inment is to determine how much you should be saving per month at 12% interest, in order to retire at 65 years old with the amount you need Part 1: Use the monthly retirement planning worksheet to help with the calculations. Do the activity twice one time aaruming you start investing today and a second time asuming you start Investing in 10 years. What annual income do you want to retire on? Lo0,000 How much per month will you have to save 327.00 How much per month will you have to save if you wait 10 years before you start saving: 188.25 Part 2 Next compare the figures above with what you can expect to retire on if you rely only on Social Security, Go to the US. Social Security Administration's website at www.sa.gov. On the home page, click on "Benefits and seleet Calculators" from the menu. On the following page, choose "Quick Calculator." On the "Quick Calculator page, make up a year of birth (must be at least 21 years old for calculator to work) and estimate a retirement date(use at least 65 years old). Enter your anticipated earnings for your career choice (experiment using different amounts). Also, select "inflated (future) dollars. This will adjust your earnings for inflation Next, click "Submit request." Your monthly benefit amount will be calculated Calculate at least two different earnint amounts and record your results below. Earnings Earnings Monthly Benefit Monthly Benefit Consider the results from both parts of this activity and answer the following: Based on this activity, describe the relative importance of Social Security, employer retirement plans (.e.. 401(k)), and personal investments What is the maximum monthly benefit you can receive from Social Security? Fins in Percoal Finance School CHAPTER