Discuss what you believe to be the real reason most 23 year olds are not saving for retirement. What do you think we can do to change this trend?
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Discuss what you believe to be the real reason most 23 year olds are not saving for retirement. What do you think we can do to change this trend?
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- Hello Everyone, this is my question: -: You have just turned 30 years old, have just received your MBA, and have accepted your first job. Now you must decide how much money to put into your retirement plan. The plan works as follows: Every dollar in the plan earns 7% per year. You cannot make withdrawals until you retire on your sixty-fifth birthday. After that point, you can make withdrawals as you see fit. You decide that you will plan to live to 100 and work until you turn 65. You estimate that to live comfortably in retirement, you will need $100,000 per year starting at the end of the first year of retirement and ending on your 100th birthday. You will contribute the same amount to the plan at the end of every year that you work. How much do you need to contribute each year to fund your retirement?I am currently 42. If you are going to retire at 65, post-retirement living expenses are $20,000 annual, an average annual market return of 6%, life expectancy of 90. How much do you need to save for your retirement? (Please use the TVM calculation to solve for this question, and your answers would be different because your age varies.)5. You have just turned 30 years old, have just received your MBA, and have accepted your first job. Now you must decide how much money to put into your retirement plan. The plan works as follows: Every dollar in the plan carns 7% per year. You cannot make withdrawals until you retire on your sixty-fifth birthday. After that point, you can make withdrawals as you seefit. You decide that you will plan to live to 100 and work until you turn 65. You estimate that to live comfortably in retirement, you will need $100,000 per year starting at the end of the first year of retirement and ending on your 100th birthday. You will contribute the same amount to the plan at the end of every year that you work. How much do you need to contribute cach year to fund your retirement? NOTE: PLEASE SHOW HOW YOU COMPUTE EACH OF THE ITEMS.
- A couple in their 70s with no liens on their home would like some extra income, but don't want to make monthly loan payments. What kind of loan might a lender offer them? A- A reverse equity loan, since they are over 62 and have sufficient equity in their home B A reverse equity loan, since they are over the age of 35 C- A reverse equity loan, but the couple will need to make monthly payments D - None; a lender will probably refuse to lend to anyone over the age of 62 -STRATEGY 2: SAVINGS LATER PLAN Assume that you are 22 years old but decide to wait before saving for retirement. You decide to start saving later when you are 42 years old. As a result, you start saving on January 1, 2042. You plan to retire on December 31, 2064, when you are 64 years old. There are 23 years from the time you started investing (saving) until you retire. When you start investing in 2042, you have no previous or other retirement savings. Assume there are 365 days in each year from 2022 to 2064. (Ignore leap years). Assume that taxes will not affect any of the amounts or your savings. You invest $350 at the end of each month into a retirement account paying 8.75% compounded monthly for 15 years starting on January 1, 2042. After 15 years, you do not make any more payments or withdrawals and leave the money in the retirement account until retirement. Show all work and answer the following questions: Assuming no withdrawals or additional payments were made, how much…Joe is 30 years old, married, and his wife is expecting their first baby. Joe makes $48,000 per year and has $200 budgeted per month to spend on life insurance. He has started looking at his options and has three choices: BAD WHOLE LIFE BETTER 20-YEAR TERM BEST 20-YEAR TERM $250,000 $500,000 Coverage $250,000 Premium $200/month $13/month $20/month Investments $0 $187/month $180/month Investment Value $34,000 at Age 50 $186,840 $179,847 Investment Value at Age 70 $124,000 $2,222,010 $2,138,835 *Always buy a policy that covers 10-12 times your annual pretax income! R FOUNDATIONS IN PERSONAL FINANCE Life Insurance Plans CHAPTER 9, LESSON 5 PAGE 1 OF 3 1. For each insurance option, how much would Joe pay in total premiums over 20 years compared the amount of coverage he would receive? 2. Which option is the best value for Joe's money? Why? 3. How did Joe arrive at the numbers in the investments row on his chart? 4. Why is Joe thinking about buying life insurance?
- Here is my question attched in excel spreadsheetYou have decided that you want to be a millionaire when you retire in 45 years. a. If you can earn an annual return of 11.36 percent, how much do you have to invest today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What if you can earn an annual return of 5.68 percent? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)Answer the following questions in full sentences and clearly. Be sure to have answered with an explanation and answer each question separately. Question 1: Is long term financial planning worth the short term sacrifices? Question 2A: Would you rather receive a check for $1,000 today or $1,300 in 5 years from now? Explain. Question 2B: Which option would more likely yield you more money in five years? Question 2C: Why might it be hard for many of us to be able to think that far ahead into the future?
