Retirement Goal Plan Assignment - 15\% Jennifer and Samuel Stevens, both age 50 have come to see wou, their financial planner to develop a retirement plan. Jennifer works full time at an Accounting. Firm earning $80,000 a year after taxes and deductions and Sarmuel works full time as a 5oftware Enpineer earning 595,000 after taxes and deductions. The Steven's have one child, Rebecca (24) who just finished University and is living on her own. In addition, The Steven's live in a townhouse in Etobicoke that is worth $1.3 million and has $120,000 remaining on the mortgage which is on track to be paid off in 10 years. The Stevens's also share a five year old Hondo SUV that is valued at $20,000 and has no existing loan balance. Regarding retirement, the couple would like to retire at 65 and want to ensure they are on track towards a comfortable retirement which would require the couple to have 2 million, combined in savings at age 65. Jennifer and S amuel were both born in Toronto and have always resided in Canada. In addition, both Jennifer and Samuel have been employed full time since graduating from college at age 22 with the exception of Jennifer taking a year off of work during her maternity leave. Please keep in mind the following: The chequing Account balance is seen by the couple as an emergency fund, and therefore they don't want it included in calculations for Retirement Income. The Steven's have an abundance of questions for you and have requested you to determine if they're on the right path towards achieving their retirement goal. During the meeting, the couple has provided you with the following information that better captures their current financial situation. Monthly Expenses (Joint): Morteage Payment: 51100 Home maintenance: $200 Utilities: $300 Property Taxes $500 Auto Insurance: $200 Gas: 5400 Food: $1200 Clothing: 5400 Internet/Cell phone bills: $300 Dining out \& Entertainment: $350 Vacations $1,000 Monthly Contributions to Registered Savings Accounts: Jennifer and Sam each contribute $250 per month their RASP accounts. Assets (Joint) Principal Residence: $1,300,000 2. The Steven's are not wery familiar with Old Age Security (OAS) as well as what the eligibility criteria is to receive OAS is. Provide a brief explanation of what OAS is and whether or not they would be eligible to receive the maximum benefit. ('our response should be between 2-3 sentences long). (2 marks) 3. In addition to questions about OAS, The Steven's have questions about the Canada Pension Plan (CPP). Provide a brief explanation on what CPP is and how one can be eligible for the maximum CPP benefit. VYour response should be between 23 sentences long). ( 2 marks) 4. The Steven's are wondering whether it would make more sense to take CPP early or to defer it. How would you respond to their question using relevant concepts from the course? (Your response should be between 35 sentences longl. (4 marks) 5. After revieving the Steven's financial situation, prowide a recommendation to the couple that would optimize their retirement goal plan. Be sure to elaborate on how your recommendation would help them with achieving their retirement goals. /Your response should be between 4-6 sentences long). (4 marks)