Will like if correct, thank you
Estimated Annual Retirement Living Expenses Estimated annual living expenses if retiring today Number of years until retrement Expected annual rate of retum before retirement Future value (use Exhibit 1-A) Projected annual retirement living expenses, adjusted for inflation Estimated Annual Income at Retirement Social Security income Company pension, personal retirement acoount income Investment and other income Total retirement income (B) Annual shortfall of income after retirement (AB) (C) Expected years in retirement Expected annual rate of retum before retirement Expected annual rate of return on invested funds after retirement Future value factor for a series of deposits (use Exhibit 1-8) (D) Annual deposit required to accumulate the amount needed Jamie Lee and Ross, now 57 and still very active, have plenty of tme on their hands now that the triplets are away at college. They both realized that time has just flown by, over twenty-four years hove passed since they marned! Lookang back over the past years, they realized that they have worked hard in their careers, Jamle Lee as the proprtetor of a cupcake cafe and Ross, self-employed as a web-page designer. They have enjoyed ralsing their family and strived to be financially sound as they are looking to retirement that is just around the comer. They saved regularly and trvested wisely over the years. They rebounded nicely from the economic crisis over the past few years, as they watched their investments closely ard adjusted thelr strategles when they felt it necessary. They purchase vehicles with cash and do not carty credit card balances, choosing instead to use them for convenience only. The utplets are pursuing their master's degrees and have tultion covered through work/study programs at the universty Jambe Lee and Ross are just a few short years from realizing their goals of reting at 65 and purchasing a home at the beach They are reviewing their financial situation to ensure they wit be reacty for retrement. They antchate being able to ive cornfortably with 80% of their current expenses. The rate of return on their investments until they redre 154%. They expect this percentage to drop to 3% after retirement. Use this information, along with Exhibiti:A, Extibit 1:8, and the tnformation provided below to determine the annual deposit amount Jarmle Lee and Ross wili need to make unti they retire in order to make up the shortfal between their estimoted expenses and income needed during retrement. Each answer must have a value for the assignment to be complete Enter "O" for any unused categones. Current Expense Amounts (Jomle Lee and Ross Comblned) Foxed expenses $3,000 month Variable expenses: $2.000imonth Estimated income Amounts (Jamle Lee and Ross Combined) Social Secuitity $2100 month Current IRA balance: $92,000 EstimatedIRA withdrawat $300 month Other investments: $26,400 year
