our client, Harrold Jacobs, needs help determining if he is on track for his retirement savingsgoals. Mr$.$ Jacobs is a $55-$year$-$old engineer who makes $$150,000$ of annual income. He isdivorced and has three adult children who live close. He plans to retire in $10$ years. You schedulea meeting to gather some information and he provides the following preliminary details:Monthly spending needs in retirement:Discretionary: $$2,500$Non$-$discretionary: $$3,500$The above non$-$discretionary spending does not include the new car and new house he justpurchased last week and needs help with the monthly amounts that need to be added to the non$-$discretionary total. He purchased the house for $$450,000,$ with a $$50,000$ down payment and hefinanced the remaining balance through a local bank for $30$ years at $4\mathrm{.}5\%$ interest rate. He willnot be escrowing his insurance and real estate taxes, so ignore escrow for the mortgage paymentcalculation. Mr$.$ Jacobs purchased a truck for $$45,000$ and financed the entire purchase price over$60$ months at a $6\mathrm{.}5\%$ rate. He typically buys a new vehicle every $5$ years.Monthly house payment: $$\_\_\_\_1\_\_\_\_\_\_$Monthly car payment $$\_\_\_\_2\_\_\_\_\_\_$Total monthly retirement spending needs $($Discretionary and Non$-$discretionary$)$$$\_\_\_\_\_3\_\_\_\_\_\_\_$Mr$.$ Jacobs has a both a pension and a $401$k at his company. His pension will provide a $$3,000$ amonth benefit upon his retirement and his $401$k currently has a $$325,000$ balance. Additionally,his social security check is estimated to be $$2,500$ a month. His savings are invested in amoderately aggressive portfolio, and you estimate his annual return to be $8\%.$ He puts anadditional $$10,000$ into his retirement at the end of each year.At Mr$.$ Jacobs retirement date and assuming a $5\%$ rate, considering his pension and socialsecurity income providing for some of his monthly income needs, how much does Mr$.$ Jacobsneed to have saved for a $20-$year retirement if he starts taking withdrawals at the beginning ofeach month? $$\_\_\_\_\_4\_\_\_\_\_\_\_$In $10$ years from now when Mr$.$ Jacobs retires, assuming he doesn$$t change his current portfolioof savings strategy, how much will Mr$.$ Jacobs have in his $401$k$?$ $$\_\_\_\_\_5\_\_\_\_\_\_\_$Does Mr$.$ Jacobs have enough saved in his $401$k to cover his retirement income needs?