Question 13 11. During 2020, a person receives Social Security at age 63 and is earning $23,000/year at a part- time position, how much of their allotted $12,000 yearly Social Security payments would they receive? Assume $12,000 is the amount after deducting the early withdraw penalty. Question 14 12. From the question above, now assume the individual is 71 years old. How much of the yearly $12,000 would they receive while still earning $23,000 from their part-time position? Question 15 13. At retirement age in 2020, an individual has an average yearly indexed income of $40,00O. How much would their monthly Social Security check be worth using the PIA formula? *Do not use dollar signs*

Question 13 11. During 2020, a person receives Social Security at age 63 and is earning $23,000/year at a part- time position, how much of their allotted $12,000 yearly Social Security payments would they receive? Assume $12,000 is the amount after deducting the early withdraw penalty. Question 14 12. From the question above, now assume the individual is 71 years old. How much of the yearly $12,000 would they receive while still earning $23,000 from their part-time position? Question 15 13. At retirement age in 2020, an individual has an average yearly indexed income of $40,00O. How much would their monthly Social Security check be worth using the PIA formula? Do not use dollar signs

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. Phil Nelson wants to retire when he is 65 years old. Phil is now 45. He believes he will need $430,000 to retire comfortably. To date, Phil has set aside no retirement money. Assume Phil gets 6% interest compounded semiannually. How much must Phil invest today to meet his $430,000 goal?
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Maria has just finished her thirty-second year with her company and is getting ready to retire. During her thirty-two years, Maria's average annual salary was S62,544. How much can Maria expect to receive from Social Security annually if she were to retire today? (Assume she will receive 55% of his average annual salary.) a. $96.943.20 b. $34.399 92 c. S28.144.00 d. $62.544
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Example 3 3 Maude decides to invest in a 25-year private pension scheme, where she will have to deposit TRY1000 at the start of cach month. The rate of interest is fixed at 8% per annum. Interest is compounded monthly. 1 Determine the future value investment at the end of the 25 years. After the 25-year period, when she will have retired, she will receive (according to the pension scheme) a monthly pension of TRY1200. b Explain why the investment fund will never run out of money. her Students, draw anywhere on this silidel ide
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