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Retirement Income Planning Margot, 44, and Craig, 43, plan to retire when Margot reaches age 61 and Craig reaches age 60. They estimate that they will need $67,500/year after-tax in retirement. They would like to leave some room for contingencies and therefore would like to plan for about $72,500/year or $36,250 each after-tax. They currently have $98,700 saved in their RRSPs. Margot expects to receive a CPP benefit of $10,680/year. Craig expects to receive a CPP pension benefit of $9,600/year. Each of them will receive the maximum OAS benefit, starting at age 65. CPP and OAS are both indexed for inflation. Craig will also receive an indexed pension benefit of $39,780/year and a non-indexed pension benefit of $8,100/year. Their expected nominal rate of return before and during retirement is 10.00% and 7.00%, respectively. The annual inflation rate is expected to be 3.00% during the entire planning period. Margot and Craig would like to plan for a retirement that will last for 35 years. Their average tax rate in retirement is 25%. When completing the calculations below, convert all annual amounts to monthly. Interest is compounded annually. Income is received at the beginning of the period. 1. Use a table and/or timeline to describe Craig and Margot's retirement cash flows. Be as descriptive as possible.