Problem# 1 JIM is 35 years old and hopes to retire at age 65. JIM's salary is $80,000. He currently has $70,000 in his 401k account earning an average of 7.0% per year. He hopes to contribute $10,000 a year into his 401K at the end of each year until her retires. Jim's employer will match his 401K contribution $0.50 per every dollar JIM contributes, up to a maximum of 5.0% of JIM's salary. JIM believes he will need 90% (in today's dollars) of his current salary to retire on. Forecasted general inflation = 3.0% per year. He is planning on 35 years of retirement. His estimated social security payments will be in today's dollars) $12,000/year. A. Will DIM's current assts and his planned savings be enough to support his retirement needs? If NOT, how much more must he save each year, Problem# 1 JIM is 35 years old and hopes to retire at age 65. JIM's salary is $80,000. He currently has $70,000 in his 401k account earning an average of 7.0% per year. He hopes to contribute $10,000 a year into his 401K at the end of each year until her retires. Jim's employer will match his 401K contribution $0.50 per every dollar JIM contributes, up to a maximum of 5.0% of JIM's salary. JIM believes he will need 90% (in today's dollars) of his current salary to retire on. Forecasted general inflation = 3.0% per year. He is planning on 35 years of retirement. His estimated social security payments will be in today's dollars) $12,000/year. A. Will DIM's current assts and his planned savings be enough to support his retirement needs? If NOT, how much more must he save each year