Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.image text in transcribed

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). Explain

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Managerial Finance

Authors: Lawrence J. Gitman, Chad J. Zutter

13th Edition

9780132738729, 136119468, 132738724, 978-0136119463

More Books

Students also viewed these Finance questions