Ally estimates that a couple retiring this year will need $275,000 for healthcare costs. Assuming healthcare costs increase by 6% per year, what will a couple who will retire in 12 years need for healthcare costs? A) 553,354 B) 492,483 C) 586,555 D) None of the above
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- Bobbi Hilton, 62, is considering the purchase of a 77-year long-term care policy. If nursing home costs average $7 comma 3907,390 per month in her area, how much could she have to pay out-of-pocket for 77 years without long-term care insurance? What can Bobbi do to reduce the cost of this coverage? Question content area bottom Part 1 The amount Bobbi would have to pay out-of-pocket for 77 years of nursing home costs without long-term care insurance is Bobbi Hilton, 62, is considering the purchase of a 77-year long-term care policy. If nursing home costs average $7 comma 3907,390 per month in her area, how much could she have to pay out-of-pocket for 77 years without long-term care insurance? What can Bobbi do to reduce the cost of this coverage? Question content area bottom Part 1 The amount Bobbi would have to pay out-of-pocket for 77 years of nursing home costs without long-term care insurance is $620760620760. (Round to the nearest dollar.) Part 2 To lower the cost of long-term care insurance, Bobbi can: (Select all the choices that apply.) Select a longer waiting period (time between nursing home admission and payment of benefits by the insurance company.) Buy a long-term care policy as soon as possible before costs increase due to advancing age. Cover the costs of nursing home care through a combination of self-insurance (if she can afford it) and long-term care…0. Assume that upon graduation you make$63,500per year. What are the legally required costs for Social Security, Old-age, Survivors, and Disability Insurance, \& Medicare for the firm you work for in both dollar values and percentages? How much will you have to pay yourself? How much would you pay if you were self-employed earning the same amount?
- An individual is currently 30 years old, wants to work until the age of 65 and plans on dying at the age of 85. How much will the individual need to have saved by the time he or she is 65 if he or she plans on spending $40,000 per year while retired? You can assume the individual can earn an interest rate of 5.0% and the $40,000 is in addition to any Social Security that may be receivedSamuel Survivor is planning to save for retirement 35 years from now. He expects to live 25 years beyond that, and would like an annual retirement income of $38,500 after tax of 30%. What is the lump sum needed to fund retirement, at an expected annual return of 11.29%? A. $357,888 B. $319,561 C. S456,515 D. $479,118 E. None of the aboveJ and J are looking to save for retirement and the following applies: Estimated Income Needed (Annual): $ 50,000 Estimated Social Security Benefit and Pension (annual): $ 35,000 Inflation factor is 3% for 30 years Anticipated Return on Assets held after retirement is 6% Based on the information above, please estimate how much additional retirement savings should J and J have at retirement to meet their financial goals.
- Marie wants to provide retirement income for her dependent parents for 35 years should she die. Marie earns $67,500 and feels that her parents could live on 65% of that amount. If the insurance funds could be invested at 5%, how much life insurance does she purchase using the desired income method? Group of answer choices $1,273,499 $1,450,087 $932,743 $877,500Imagine your uncle is currently earning $200,000 pa and is about to retire. What percent of his current income will Social Security pay?When you retire, a key goal is to be able replace about 80% of your pre-retirement income level. Social Security will cover a higher percentage of low earners’ needed replacement income than high earners’ replacement income. True or False
- Lourdes has just retired and plans to consume $8,640 from the retirement account every year for the next 16 years starting one year from today, meeting the rest of the expenses from other resources. If the annual interest rate is 9.6%, how much does Lourdes have in the retirement account today? a.69,238 b.71,866 c.69,438 d.none of the choicesI am currently 42. If you are going to retire at 65, post-retirement living expenses are $20,000 annual, an average annual market return of 6%, life expectancy of 90. How much do you need to save for your retirement? (Please use the TVM calculation to solve for this question, and your answers would be different because your age varies.)"As of today, Americans live on average 20 more years after retiring, which calls for well-designed retirement plans. There are different ways to save for retirement, such as retirement plans offered by the employer, savings and investments, and Social Security among other. " (Norrestad, 2021) Lifetime Savings Accounts, known as LSAS, would allow people to invest after-tax money without being taxed on any gains. If an engineer invests $10,000 now and $10,000 each year for the next 15 years, how much will be in the account immediately after the last deposit if the account grows by 8% per year? All the alternatives resented below were calculated using compound interest factor tables including all decimal places. O $271,521 O $303,243 $427,533 $359,497