For each problem, retype the question and put your entire answer under that question before beginning the next question. If Frank and Lois are not able to reach their goals without changes to their approach, please be specific as to the steps you recommend that they take.

$5.$ Retirement Plan $(20$ points$)$

$$ Please show your work.

$$ Assuming they do not plan to leave anything to their child, how much will they have to save each year to achieve their Number?

$$

Client Name: Frank and Lois Fox

Year: $2018$

Ending Balance Income$/$Expenses Amount $($Yearly$)$

$401($k$)$ Contribution $$12,000$

$401($k$)$ Frank $$322,000$

$403($b$)$ Contribution $$11,000$

$403($b$)-$ Lois $$388,000$

Joint brokerage account $$39,000$

Auto Loan $$10,000$

Auto Loan Interest $$1,000$

Auto Loan Principal $$5,000$

Auto Maintenance $$2,500$

Automobile $-$ Frank $$18,000$

Automobile $-$ Lois $$25,000$

Automobile Insurance Premiums $$4,000$

Checking $$45,000$

Interest Income from checking a$/$c $$1,200$

Child $-$ Private School Tuition $$8,000$

Clothing $$5,000$

Credit Card $$11,000$

Credit Card Payments Interest $$2,000$

Credit Card Payments Principal $$1,000$

Entertainment $$24,000$

Federal Income Tax $($W$/$H$)$ $$37,000$

FICA $$14,000$

Food $$10,000$

Furniture $/$ Household $$34,000$

Homeowners Insurance Premiums $$1,500$

Jewelry $$26,000$

Alimony to Frank's ex wife $$4,000$

Maid $$6,000$

Mortgage on Residence $$268,000$

Mortgage Payment Interest $$16,000$

Mortgage Payment Principal $$3,000$

Personal Residence $$405,000$

Property Tax $($Principal Residence$)$ $$5,000$

Gross Salary $-$ Frank $$91,000$

Gross Salary $-$ Lois $$92,000$

Savings $$16,000$

Utilities $$9,000$