Use the following data to calculate the answer to questions $5-10$

Chelsea is planning for retirement at age $70$ and has come to you, her financial advisor, for your guidance. At $45$ years of age, Chelsea has $$350,000$ invested in various retirement vehicles. She

has an annual income of $$75,000,$ and contributes $4\%$ of her income to her retirement account at the beginning of each month.

She currently lives on $$50,000$ annually and believes that she can live on that same amount $($in today's dollars$).$ Of course, inflation will affect that number over time.

Chelsea's investments are currently earning an average annual $8\%$ return, and inflation is $5\%.$ She believes she'll live until age $95.$

Use this information to answer the series of questions. Each question builds on the next.

How much will Chelsea need to withdraw from her retirement account in the first year of retirement? $($Round to the nearest $$1,000)$

$$169,000$

$350000$

$1068000$

$$50,000$

How much does Chelsea need to have saved in her retirement account by age $70$ to meet her retirement needs until age $95$ if she keeps her assets invested? $($Round to the nearest $$1,000)$

Answer:

How much will Chelsea have in her retirement account at age $70$ based on her current contribution plan? $($Round your answer to the nearest $$1,000).$

Answer: