Troy and Kristy Reynolds $($both currently $56)$ have determined that they will require retirement income equal to $$93,000$

in today$$s dollars, based on their current income. They plan to retire in $8$ years and wish to assume an after$-$tax return

on their investments, prior to retirement, of $8\%.$ They plan to readjust their assets after retirement and believe that

their net return will drop to $6\%.$ Troy$$s parents are both in their late eighties, and Kristy$$s parents are in their seventies.

Troy and Kristy assume that retirement will last for $30$ years, and that inflation will average $2\%.$

$1.$ How much income will Troy and Kristy need in their first year of retirement?

$2.$ What is the amount of capital necessary at the start of retirement t support their income needs throughout

retirement?

$3.$ For purposes of Social Security retirement benefits, the Reynolds reach full$-$retirement age at age $67.$ Their full

benefit is expected to be $$30,000$ in today$$s dollars. If the Reynolds decided to factor in Social Security and begin

taking Social Security benefits when they retire at age $64,$ how much personal capital would they need to

accumulate at retirement?

$4.$ If the Reynolds wanted to leave a specific bequest to their favorite charity $($Wounded Warrior Project$)$ in the

amount of $$2$ million $($actual donation at death$),$ how much additional capital would they need to have

accumulated at the time they retire at age $64?$