Please help provide formulas for the following questions: If more information/context needs to be provided, please let me know in the answer!

1. Retirement Goals: How much money do they need?
   • Calculate required income (Starting point not given, estimate it from present income and expenditures)
   • What level of retirement income is appropriate?
   • How long do they need the income? (Based on Alans life expectancy of 91 and Joanne 96)
2. How much have they got?
   • Determine OAS full amount each at 67
   • Determine CPP, assume they qualify for 80%
   • Determine Joannes pension Outline any assumptions (income splitting, investment portfolio, RRSPs, TFSA's)
3. How much additional saving is required over the next 10 years?
   • Assuming that they save $17,000 for 10 years in RRSPs (Alan $15k, Joanna $2k)
   • How does this affect their taxes?
   • Calculate Alans marginal tax rate
   • Calculate Joannes marginal tax rate
   • Determine tax credits (federal and provincial)

Assume in your analysis that the annual inflation rate over the entire pre and post retirement period is 2% and that investments they have or will make will yield a 4% return.