Troy and Kristy Reynolds (both currently age 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 eight years and wish to assume an after-tax return on their investments, prior to retirement, of eight percent. They plan to readjust their assets after retirement and believe that their net return will drop to six percent. 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 two percent. Assume that both Troy and Kristy will die at age 95, regardless the clients assumption about life expectancy. They would like to know how much they need to save each year to fund retirement including a few changes. For purposes of this calculation, assume they have retirement savings of $900,000 (from the sale of a few assets), they want to retire at age 62, they will live until age 95, and they will plan on not receiving an inheritance. They also believe that they can live off of $86,000 instead of $93,000, annually in today's dollars. Social Security benefits are the same as described above. Assume they claim SSI at age 62 for this problem and that the amount they would receive at age 62 would be $30,000 per year in today's dollars with the same 2% cost-of-living adjustment. What is the amount of additional annual savings that your client should be committed to in order to reach the amount of capital needed at the point of retirement?