Jasmine Garza, born on January 1st, 1972, is 52 years old in 2024. She has worked full-time
Question:
Jasmine Garza, born on January 1st, 1972, is 52 years old in 2024. She has worked full-time since her husband died 15 years ago - in addition to raising her two children, the younger one is now graduating from college. While returning to work at 27 years old, jasmine was hired as a full time state employee and promoted to supervisor, now earning $90,000 per year. Her total of money market securities, stocks, and bonds is $117,000. Her total employer-sponsored retirement plans are worth $260,000. Her expected investment rate or return is 8%. The estimated inflation rate is 3%. For the past ten years, her financial focus has been meeting living expenses and getting her kids through college. Her two children get decent jobs as financial analysts and accountants and are financially independent. Now she feels she can turn attention to her retirement needs. Jasmine hires you as her financial planner to help her with retirement planning. After meeting with Jasmine, you summarized Jasmine's retirement goals as follows: 1. Stay healthy and live healthy. 2. To maintain her pre-retirement lifestyle and quality of life, she expects to need 80% (WRR) of pre-retired income. 3. Retire in 15 years and live
Personal Financial Planning
ISBN: 978-1305636613
14th edition
Authors: Randy Billingsley, Lawrence J. Gitman, Michael D. Joehnk