estimate how much additional retirement savings should J and J have at retirement to meet their financial goals.

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter11: Capital Budgeting Decisions
Section: Chapter Questions
Problem 12EB: Your friend has a trust fund that will pay her the following amounts at the given interest rate for...
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  • J 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.

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