Bill has an emergency fund already set aside, so he can use his $400,000 of savings for retiremenr. How much can he withdraw on a monthly basis to supplement his retirement annuity if his investments return 5 percent annually and he expects to live 30 years? 2. Ignoring his Social Secuirty benefit, is the amount determined in question 1 sufficient to meet his current monthly expenses (keep in mind that he will receive a pension of $2,800 per month)? If not, how long will his retirement last if his current expenses remain the same? What if his expenses are reduced to $4,500 per month?

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Sam is planning to retire in the next few years and wondering how much his annual CPP would be if he delayed claiming it a few years. His CPP statement indicates he would qualify for CPP of $724 per month at age 65. Assume he stops contributing to CPP at age 65. What amount of annual CPP will he qualify for ANNUALLY if he delays retiring until age 68? Input the answer to the nearest dollar. Answer:

Alex wants to provide funding in the event of his death for his daughter Ellie, age 8, to attend four years of college, starting at age 18. The current annual cost of tuition is $20,000. Assume inflation of 6.5% and after-tax earnings of 7%. If Alex wants to have enough life insurance to assure adequate funds for Ellie when she begins college (should he die today), approximately how much insurance should he have for this need alone? (Round your answer to the nearest dollar.)   A)$113,764   B)$75,806   C)$75,451   D)$79,441

bed What's the interest rate of a 5-year, annual $5,400 annuity with present value of $22,000? (Use a time value of money calculator or a spreadsheet. Round your answer to 2 decimal places.) Annuity interest rate %

A friend is celebrating her birthday and wants to start saving for her anticipated retirement.  She has the following years to retirement and retirement spending goals.            Years until retirement:     30 Amount to withdraw each year: $120,000 Years to withdraw in retirement: 25 Interest rate: 7.5%   Because your friend is planning ahead, the first withdrawal will not take place until one year after she retires.  She wants to make equal annual deposits into her account for her retirement fund.  Required: Now assume that the inflation rate is 3%.  Consequently, when your friend retires she will want to withdraw $120,000 each year in today’s dollars.  What amount is she planning to receive in year 31 (the end of her first year of retirement)? How much does she need to have in retirement at the end of year 30 in order to receive her retirement payments assuming that these retirement payments continue to increase at 3% per year throughout her retirement?…

C. Fred is planning on retiring this year. How much must his retirement account have in it this year in order to make a $40,000 payment each year for the next 30 years to meet his needs assuming that the appropriate interest rate is 8%?*

Jonathan is planning to retire on January 1, 2024. his goal is to have enough money in his savings account to be able to withdraw $2,000 per month beginning one month after retirement and continuing for 25 years after retirement. He earns an annual effective rate of interest of 10% on his account. Determine the minimum amount needed in his savings account on January 1, 2024, to accomplish his goal. Possible Answers $235,000 but $255,000

Mr. Mangano is considering taking early retirement, having saved $400,000. Mr. Mangano wishes to determine how many years the saving will last if he withdraws $60,000 per year at the end of each year. Mr.Mangano's savings can earn 10 percent per year.   11.67 years.     11.35 years     10.90 years     11.53 years.     12.01 years

Marc has nothing saved for retirement. He wants to receive $46,000.00 per year for 5 years during retirement. The first of these payments will be received in 7 years. Marc can earn a return of 9.38 percent per year. How much does Marc need to save each year for 6 years to have exactly enough to meet his retirement goal if he makes his first annual savings contribution in 1 year and all savings contributions are equal? O $21,324.88 (plus or minus 10 dollars) O $25,513.05 (plus or minus 10 dollars) O $23,325.15 (plus or minus 10 dollars) O $20,819.31 (plus or minus 10 dollars) O none of the answers are within 10 dollars of the correct answer