Your clients, Jamal and Chyna Gwynn, would like you to determine if they are on...
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Your clients, Jamal and Chyna Gwynn, would like you to determine if they are on track to meet their retirement goal. Use the following assumptions to answer the Gwynns retirement planning questions:
Jamal: Age forty eight
Chyna: Age fifty
Desired Retirement Age: When Jamal turns Age sixty two
Age to Begin Receiving Social Security Benefits: Age sixty two
Full Retirement Age: Age sixty seven
Earned Income: Jamal $145,000
Earned Income: Chyna $210,000
Bonus: Jamal $25,000
Retirement Income Replacement Ratio: 90 Percent
Investment Rate of Return Before Retirement: 7.90 Percent
Investment Rate of Return After Retirement: 5.50 Percent
Inflation Rate Assumption (Presently and Going Forward): 3.00 Percent
Growth Rate of Retirement Savings and Social Security Benefits: 3.00 Percent
Marginal Federal and State Marginal Tax Rate Before Retirement: 29 Percent
Marginal Federal and State Marginal Tax Rate After Retirement: 29 Percent
Annual Social Security Benefit at Full Retirement: Jamal $42,000
Annual Social Security Benefit at Full Retirement: Chyna $39,000
Other Income in Retirement: $80,000
Combined Retirement Assets Held in Tax-Deferred Assets: $1,500,000
Combined Retirement Savings Using Tax-Deferred Accounts: $42,000
Other Retirement Assets: $0
a.What is the retirement asset value needed on the first day of retirement, plus any additional annual savings needed per year, to fully meet a capital depletion retirement goal.
b.What is the value of assets needed to fund the capital preservation model of retirement? Can the Gwynns currently meet this need?
Your clients, Jamal and Chyna Gwynn, would like you to determine if they are on track to meet their retirement goal. Use the following assumptions to answer the Gwynns retirement planning questions:
Jamal: Age forty eight
Chyna: Age fifty
Desired Retirement Age: When Jamal turns Age sixty two
Age to Begin Receiving Social Security Benefits: Age sixty two
Full Retirement Age: Age sixty seven
Earned Income: Jamal $145,000
Earned Income: Chyna $210,000
Bonus: Jamal $25,000
Retirement Income Replacement Ratio: 90 Percent
Investment Rate of Return Before Retirement: 7.90 Percent
Investment Rate of Return After Retirement: 5.50 Percent
Inflation Rate Assumption (Presently and Going Forward): 3.00 Percent
Growth Rate of Retirement Savings and Social Security Benefits: 3.00 Percent
Marginal Federal and State Marginal Tax Rate Before Retirement: 29 Percent
Marginal Federal and State Marginal Tax Rate After Retirement: 29 Percent
Annual Social Security Benefit at Full Retirement: Jamal $42,000
Annual Social Security Benefit at Full Retirement: Chyna $39,000
Other Income in Retirement: $80,000
Combined Retirement Assets Held in Tax-Deferred Assets: $1,500,000
Combined Retirement Savings Using Tax-Deferred Accounts: $42,000
Other Retirement Assets: $0
a.What is the retirement asset value needed on the first day of retirement, plus any additional annual savings needed per year, to fully meet a capital depletion retirement goal.
b.What is the value of assets needed to fund the capital preservation model of retirement? Can the Gwynns currently meet this need?
Your clients, Jamal and Chyna Gwynn, would like you to determine if they are on track to meet their retirement goal. Use the following assumptions to answer the Gwynns retirement planning questions:
Jamal: Age forty eight
Chyna: Age fifty
Desired Retirement Age: When Jamal turns Age sixty two
Age to Begin Receiving Social Security Benefits: Age sixty two
Full Retirement Age: Age sixty seven
Earned Income: Jamal $145,000
Earned Income: Chyna $210,000
Bonus: Jamal $25,000
Retirement Income Replacement Ratio: 90 Percent
Investment Rate of Return Before Retirement: 7.90 Percent
Investment Rate of Return After Retirement: 5.50 Percent
Inflation Rate Assumption (Presently and Going Forward): 3.00 Percent
Growth Rate of Retirement Savings and Social Security Benefits: 3.00 Percent
Marginal Federal and State Marginal Tax Rate Before Retirement: 29 Percent
Marginal Federal and State Marginal Tax Rate After Retirement: 29 Percent
Annual Social Security Benefit at Full Retirement: Jamal $42,000
Annual Social Security Benefit at Full Retirement: Chyna $39,000
Other Income in Retirement: $80,000
Combined Retirement Assets Held in Tax-Deferred Assets: $1,500,000
Combined Retirement Savings Using Tax-Deferred Accounts: $42,000
Other Retirement Assets: $0
a.What is the retirement asset value needed on the first day of retirement, plus any additional annual savings needed per year, to fully meet a capital depletion retirement goal.
b.What is the value of assets needed to fund the capital preservation model of retirement? Can the Gwynns currently meet this need?
Your clients, Jamal and Chyna Gwynn, would like you to determine if they are on track to meet their retirement goal. Use the following assumptions to answer the Gwynns retirement planning questions:
Jamal: Age forty eight
Chyna: Age fifty
Desired Retirement Age: When Jamal turns Age sixty two
Age to Begin Receiving Social Security Benefits: Age sixty two
Full Retirement Age: Age sixty seven
Earned Income: Jamal $145,000
Earned Income: Chyna $210,000
Bonus: Jamal $25,000
Retirement Income Replacement Ratio: 90 Percent
Investment Rate of Return Before Retirement: 7.90 Percent
Investment Rate of Return After Retirement: 5.50 Percent
Inflation Rate Assumption (Presently and Going Forward): 3.00 Percent
Growth Rate of Retirement Savings and Social Security Benefits: 3.00 Percent
Marginal Federal and State Marginal Tax Rate Before Retirement: 29 Percent
Marginal Federal and State Marginal Tax Rate After Retirement: 29 Percent
Annual Social Security Benefit at Full Retirement: Jamal $42,000
Annual Social Security Benefit at Full Retirement: Chyna $39,000
Other Income in Retirement: $80,000
Combined Retirement Assets Held in Tax-Deferred Assets: $1,500,000
Combined Retirement Savings Using Tax-Deferred Accounts: $42,000
Other Retirement Assets: $0
a.What is the retirement asset value needed on the first day of retirement, plus any additional annual savings needed per year, to fully meet a capital depletion retirement goal.
b.What is the value of assets needed to fund the capital preservation model of retirement? Can the Gwynns currently meet this need?
Your clients, Jamal and Chyna Gwynn, would like you to determine if they are on track to meet their retirement goal. Use the following assumptions to answer the Gwynns retirement planning questions:
Jamal: Age forty eight
Chyna: Age fifty
Desired Retirement Age: When Jamal turns Age sixty two
Age to Begin Receiving Social Security Benefits: Age sixty two
Full Retirement Age: Age sixty seven
Earned Income: Jamal $145,000
Earned Income: Chyna $210,000
Bonus: Jamal $25,000
Retirement Income Replacement Ratio: 90 Percent
Investment Rate of Return Before Retirement: 7.90 Percent
Investment Rate of Return After Retirement: 5.50 Percent
Inflation Rate Assumption (Presently and Going Forward): 3.00 Percent
Growth Rate of Retirement Savings and Social Security Benefits: 3.00 Percent
Marginal Federal and State Marginal Tax Rate Before Retirement: 29 Percent
Marginal Federal and State Marginal Tax Rate After Retirement: 29 Percent
Annual Social Security Benefit at Full Retirement: Jamal $42,000
Annual Social Security Benefit at Full Retirement: Chyna $39,000
Other Income in Retirement: $80,000
Combined Retirement Assets Held in Tax-Deferred Assets: $1,500,000
Combined Retirement Savings Using Tax-Deferred Accounts: $42,000
Other Retirement Assets: $0
a.What is the retirement asset value needed on the first day of retirement, plus any additional annual savings needed per year, to fully meet a capital depletion retirement goal.
b.What is the value of assets needed to fund the capital preservation model of retirement? Can the Gwynns currently meet this need?
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