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Pleas answer both questions. Number of Years Rate Social Totday's Savings Secuity $ #NUM! You age is 58 years old and you have a 401k
Pleas answer both questions.
Number of Years Rate Social Totday's Savings Secuity $ #NUM! You age is 58 years old and you have a 401k plus other savings of $1.3 Million. Your Social Secuity benefit at age 62 is estimated to be $2,200 per month. Your home has five years remaining on the mortgage which is $2,000 per month. Other month to month expenses are $4,000. You believe you will live a long life until 90 or more. You need a monthly income of $6,000 to comfortably retire at age 62. Will you have that based on your savings and Social Security payments by the time your 62? Use a 5% return on investmsent and 30 years or 360 months to calculate the payment then increase this amount by Social Security funds. Fill in the blanks in the blue Cells and the answer will automatically calculate. Given the information above would you retire at age 62 knowing at age 67 your Social Security would be $3,200 (Yes or No). Expalin your decision in the Blue Cellls (20 words or less). Explain: Number of Years Rate Social Totday's Savings Secuity $ #NUM! You age is 58 years old and you have a 401k plus other savings of $1.3 Million. Your Social Secuity benefit at age 62 is estimated to be $2,200 per month. Your home has five years remaining on the mortgage which is $2,000 per month. Other month to month expenses are $4,000. You believe you will live a long life until 90 or more. You need a monthly income of $6,000 to comfortably retire at age 62. Will you have that based on your savings and Social Security payments by the time your 62? Use a 5% return on investmsent and 30 years or 360 months to calculate the payment then increase this amount by Social Security funds. Fill in the blanks in the blue Cells and the answer will automatically calculate. Given the information above would you retire at age 62 knowing at age 67 your Social Security would be $3,200 (Yes or No). Expalin your decision in the Blue Cellls (20 words or less). ExplainStep by Step Solution
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