Philip, age 40, and Marsha, age 38, are married and have a three-year-old son. Philip is employed as an accountant and earns $125,000 annually. Marsha is a professor of economics at a large university and earns $170,000 annually. Both are currently and fully insured under the OASDI (Social Security) program. You are a financial planner who has been asked to give them advice concerning Social Security and other social insurance programs. Answer each of the following questions based on the scenarios described. Treat each scenario separately.

Philip, age 40 , and Marsha, age 38 , are married and have a three-year-old son. Philip is employed as an accountant and earns $125,000 annually. Marsha is a professor of economics at a large university and earns $170,000 annually. Both are currently and fully insured under the OASDI (Social Security) program. You are a financial planner who has been asked to give them advice concerning Social Security and other social insurance programs. Answer each of the following questions based on the scenarios described. Treat each scenario separately. Philip, age 40 , and Marsha, age 38 , are married and have a three-year-old son. Philip is employed as an accountant and earns $125,000 annually. Marsha is a professor of economics at a large university and earns $170,000 annually. Both are currently and fully insured under the OASDI (Social Security) program. You are a financial planner who has been asked to give them advice concerning Social Security and other social insurance programs. Answer each of the following questions based on the scenarios described. Treat each scenario separately