"Mikayla's new employer offers a 401(k) plan that has a 50% match up to 7%. They would like to save $5,000/yr of their $65,000 salary for retirement. Assuming there are no contribution limits for IRAs, how many dollars should they contribute to their 401(k) each year?"
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- A self employed person deposit $1,250 annually in a retirement account that earns 5.5 percent. What will be the account balance at age 62 if the savings program starts when the individual is age 50? How much additional money will be in the account if the saver defers retirement until age 66 and continue the annual contribution until then? How much additional money will be in the account if the saver discontinues the contributions at age 62, but let's it build up until retirement at age 66?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 received.A self-employed person deposits $3,000 annually in a retirement account (called a Keogh or H.R. 10 plan) that earns 8 percent. How much additional money will be in the account if the saver defers retirement until age 70 and continues the contributions?
- Daniel knows that he can withdraw up to a maximum of $35,000 from his Registered Retirement Savings Plan (RRSP) under the Home Buyers Plan (HBP). He knows that he has to pay at least 1/15th of the amount that he borrows. Danieľ's RRSP market value is $45,680 on the day that he decides to withdraw $25,700 under the HBP for the down payment on his new home. What is the minimum annual amount that Daniel must repay to his RRSP on the amount he withdraws from the HBP? A $3,045.33 В $2,333.33 $5,000.00 D $1,713.33 E $3,433.33D’von works for a company that matches his 401(k) retirement contributions at a rate of “$0.50 per $1” of his contributions, up to 6% of his salary. D’von earns $60,000/year. Using Uncle Al’s advice, what is the minimum amount of salary that D’von should contribute to his 401(k) plan each year? A. $3,600 B. $7,200 C. $9,600 D. $18,000Use Exhibit 14.2 to estimate the average Social Security benefits for a retired couple. Assume that one spouse has a part-time job that pays $28,000 a year, and that this person also receives another $47,000 a year from a company pension. Assume, that the earnings limit was $17,040 per year. Also assume for Social Security benefits the recipients are aged below 67 and will lose $1 in benefits for every $2 they earn above the earnings test amount. Also assume that they would have to pay taxes of 50% on a combined income between $32,000 and $44,000, of their Social Security benefits. If their combined income is more than $44,000, up to 85% of their Social Security benefits is subject to income tax. Round your answer to the nearest dollar.$ __________ Based on current policies, would this couple be liable for any tax on their Social Security income?-Select: YES or NO
- Your parents are planning to save for their retirement. A retirement plan is a financial arrangement made by an individual, employees/employers, insurance companies, and other institutions to replace employment income upon retirement. They target to accumulate P5000,000 in 10 years. To do this, they want to set aside a portion of their salaries and contribute monthly for their retirement funds. How much should they contribute per month if they have a chance to invest in an annuity that earns 5% compounded quarterly.Asha feels she needs $45,000 per year in retirement. If she receives $30,000 a year from Social Security , at what interest rate must Asha invest her $25,000 of savings for her total income to be at least $45,000 per yearA person is 71 and earning $23000 a year at a part time position, how much of their allotted $12000 yearly social security payments would they recieve?
- Julie has just retired. Her company’s retirement program has two options as to how retirement benefits can be received. Under the first option, Julie would receive a lump sum of $138,000 immediately as her full retirement benefit. Under the second option, she would receive $25,000 each year for 6 years plus a lump-sum payment of $57,000 at the end of the 6-year period. Click here to view Exhibit 12B-1 and Exhibit 12B-2, to determine the appropriate discount factor(s) using tables. Required: 1-a. Calculate the present value for the following assuming that the money can be invested at 12%. 1-b. If she can invest money at 12%, which option would you recommend that she accept?Julie has just retired. Her company's retirement program has two options as to how retirement benefits can be received. Under the first option, Julie would receive a lump sum of $134,000 immediately as her full retirement benefit. Under the second option, she would receive $28,000 each year for 5 years plus a lump-sum payment of $53,000 at the end of the 5-year period. Click here to view Exhibit 14B-1 and Exhibit 14B-2, to determine the appropriate discount factor(s) using tables. Required: 1-a. Calculate the present value for the following assuming that the money can be invested at 12%. 1-b. If she can invest money at 12%, which option would you recommend that she accept? Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Calculate the present value for the following assuming that the money can be invested at 12%. (Round your final answer to the nearest whole dollar amount.) Option 1 Option 2 Present value Req 1B > 134,000 < Req 1AJulie has just retired. Her company's retirement program has two options as to how retirement benefits can be received. Under the first option, Julie would receive a lump sum of $130,000 immediately as her full retirement benefit. Under the second option, she would receive $19,000 each year for 5 years plus a lump-sum payment of $75,000 at the end of the 5-year period. Required: 1-a. Calculate the present value for the following assuming that the money can be invested at 11%. 1-b. If she can invest money at 11%, which option would you recommend that she accept? Complete this question by entering your answers in the tabs below. Reg 1A Reg 18 If she can invest money at 11%, which option would you recommend that she accept? First option Second option
