Tonya Woodward, age forty-four, plans to retire at age sixty-seven. She expects to live until age ninety-seven. She is single and earns $56,000 per year. At her retirement she expects to receive $28,700 in Social Security benefits (in today's dollars). She will also receive a small defined benefit pension in the amount of $13,500. She has come to you to determine if she is on track to meet her retirement goal Use the following assumptions and information to answer questions a. through f 90% percent income replacement ratio, based on current earnings. She currently contributes $2,400 per year into a 403(b) plan (no employer match). . Assume inflation of 3.5%. She will earn a 65% after tax rate of return on assets before retirement She will earn a 4.5% after tax rate of return on assets after retirement a. How much does Tonya need, on her first day of retirement, to fund a annuity method model of retirement? b. C. d Given her current level of savings, is Tonya on target to reach her retirement goal? If she has a capital needs shortfall, how much more must she save per year to reach her retirement goal? If she would like to obtain a capital preservation goal for retirement, how much will she need to have saved on her first day of retirement? Given a capital preservation goal is she currently saving enough on a yearly basis? How much, in total, must she save yearly to reach a capital preservation model of retirement? e. f. Tonya Woodward, age forty-four, plans to retire at age sixty-seven. She expects to live until age ninety-seven. She is single and earns $56,000 per year. At her retirement she expects to receive $28,700 in Social Security benefits (in today's dollars). She will also receive a small defined benefit pension in the amount of $13,500. She has come to you to determine if she is on track to meet her retirement goal Use the following assumptions and information to answer questions a. through f 90% percent income replacement ratio, based on current earnings. She currently contributes $2,400 per year into a 403(b) plan (no employer match). . Assume inflation of 3.5%. She will earn a 65% after tax rate of return on assets before retirement She will earn a 4.5% after tax rate of return on assets after retirement a. How much does Tonya need, on her first day of retirement, to fund a annuity method model of retirement? b. C. d Given her current level of savings, is Tonya on target to reach her retirement goal? If she has a capital needs shortfall, how much more must she save per year to reach her retirement goal? If she would like to obtain a capital preservation goal for retirement, how much will she need to have saved on her first day of retirement? Given a capital preservation goal is she currently saving enough on a yearly basis? How much, in total, must she save yearly to reach a capital preservation model of retirement? e. f