Investigate a specific financial planning issue or decision that involves the use of the time va lue of money concepts. Describe why it is necessary to make a time value of money calculation.

Examples: Determining how much retirement income to withdraw per year over your life expectancy, calculating loan payments, calculating present pension plan contributions needed to fund future benefits, calculating future value of an IRA or 401(k), calculating present value (purchasing power) of money to be received in the future.