Reference no: EM132968829
?Anne-Marie and Yancy calculate their current living expenditures to be ?$74,000 a year. During retirement they plan to take one cruise a year that will cost ?$5,000 in? today's dollars.? Anne-Marie estimated that their average tax rate in retirement would be 12 percent. Yancy estimated their Social Security income to be about ?$22,651 and their retirement benefits are approximately ?$34,006. Use this information to answer the following? questions:
Problem a. How much? income, in? today's dollars, will? Anne-Marie and Yancy need in retirement assuming 70 percent replacement and an additional ?$5,000 for the? cruise?
Problem b. Assuming the 12 percent income tax estimate during? retirement, wat is their ?tax-adjusted need from part? a?
Problem c. Calculate their projected annual income shortfall in? today's dollars.
Problem d.? Determine, in? dollars, the future value of the shortfall 35 years from? now, assuming an inflation rate of 4 percent.
Problem e. Assuming a nominal rate of return of 11 percent and 28 years in? retirement, calculate their necessary annual investment to reach their retirement goals.
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