Question: retirment plan from a case study Complete the retirement worksheet using the Case Study 2 (paragraph below). Case Study 2 DJ Richards wanted to find

retirment plan from a case study

Complete the retirement worksheet using the Case Study 2 (paragraph below).

Case Study 2

DJ Richards wanted to find out if he was on track for an adequate retirement. We would like to have an annual income of at least $60,000 when he retires. He received a Social Security Benefit statement a few months ago that said as it currently stands, he will receive a $1,235 a month at his full retirement age. He figures he will have to work until he is at least 65. The only retirement funds he currently has is a 401(k) plan with a current balance of $55,700. DJ is about 30 years away from retirement.

retirment plan from a case study Complete the retirement worksheet using the

RETIREMENT GOAL Example Yours 1. Annual income needed at retirement in today's dollars. $45,000 2. Estimated Social Security retirement benefit in today's dollars. $12, 264 3. Defined benefit plan from an employer in today's dollars, 50 4. Additional annual income needed at retirement in today's dollars. $32, 736 $0.00 5. Choose the number closest to the age you plan to retire, 16.4 X 6. Multiply line 4 by line 5 to calculate Retirement Goal. $636, 870 $0.00 * Use the amount that is closest to the age at which you plan to retire (example1022 a month x 12 mo = $12,264). #f you need to request a statement, call SSA at (800) 772-1213. Example Yours $64,037 AMOUNT ALREADY AVAILABLE AS SAVINGSINVESTMENTS 7. Employer savings plan, such as 401(k). 8. IRAs and Koeghs. 9. Other investments (mutual funds, stocks, bonds, real estate, etc.) 10. Total retirement savings. + $16,000 + + 50 + $80,037 $0.00 Example Yours FUTURE VALUE OF CURRENT SAVINGS/INVESTMENTS 11. Choose the number closest to the number of years until you retire. 12. Future Value of Current Savings/Investments. 4.32 X $345,760 $0.00 ANNUAL SAVINGS NEEDED TO REACH RETIREMENT GOAL Example Yours 5536,870 $0.00 13. Retirement Goal (line 6). 14. Future Value of Current Savings/investments (line 12). 15. Additional Savings needed at time of retirement. $345760 $0.00 191.110 $0.00 66.44/ 16. Choose the number closest to the number of years until you retire 17. Annual Savings Needed to Reach Retirement Goal. $2,876

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