Client Background:Your new client is Shawn Johnson, an energetic 57-year-old widower with a love for traveland a methodical approach to life planning. In retirement, they envision a future rich withadventures and new opportunities. Their desired retirement age is 67, with the expectationof living out their golden years until the ripe age of 98. Currently, Shawn's annual expensesare $85,000, covering daily needs and occasional luxuries, they anticipate this willdecrease by 10% in retirement. They carefully manage their finances, amassing retirementsavings of $167,000. However, Shawn's aspirations extend beyond personal comfort: witha strong commitment to philanthropy, they intend to leave a lasting legacy by donating$1,500,000 to an endowed scholarship in their father's name.Amidst their goals, Shawn is also considering the impact of Social Security benefits and amilitary pension. They're aware full retirement age for Social Security is 67 and plan toretire at this age, where their estimated benefit is $10,000(in today's dollars). They alsoestimate they will receive $36,000 in pension income (in today's dollars). They would liketheir Social Security benefits and military pension included in the retirement projections.Balancing their desire for a fulfilling retirement and a meaningful legacy, Shawn seeks todetermine the optimal financial strategy. With an estimated annual inflation rate of 3.2%,and a projected portfolio return of 10.3%, Shawn understands the importance of acomprehensive approach to their financial planning. As they step into this crucial phase oflife, Shawn looks to navigate the complex landscape of retirement preparedness withstrategic foresight and informed decision-making.Your Task:Please create an Excel file that addresses the following questions and upload the file inQuestion 1. Input answers to the remaining five (5) questions in dollars and cents (ex:$102.22).FIN-410 Project 1: Retirement Plan ProjectionsHow much will Shawn need to withdraw from their portfolio in their first year ofretirement?Response should include dollar sign ($) and be taken out to two decimal points.Question 2:What is the Shawn's "magic number" i.e. what is the minimum portfolio the client needs atthe start of retirement to support their income needs throughout the remainder of theirprojected lifetime?Response should include dollar sign($) and be taken out to two decimal points.Question 3:How much does Shawn need to save each year to fund retirement?Response should include dollar sign( $ ) and be taken out to two decimal points.Question 4:For purposes of Social Security retirement benefits, the client will reach full retirement ageat 67. Their benefit at age 67 is expected to be $10,000 in today's dollars. If they decide todelay retirement and begin taking Social Security benefits when they are age 70, how muchwould they need to save every year?Note: Be sure to research the benefit of delayed retirement and include that in yourcalculation.Resp