Construct a spreadsheet that estimates what the maximum social security payment will be in 40 years based on the following criteria: Retiring at age 70 (current maximum monthly Benefit is $4,555) The average Cost-Of-Living-Adjustment (COLA) of 3% Please build a spreadsheet like the one used in last weeks module that shows the year (working backwards from age 70 in forty years (ie your hypothetical is of a 30 year old)

Using that spreadsheet, tell me how much that payment would be in todays dollars assuming a 2.5% inflationary factor