The recommended level of retirement savings an individual should have saved at each age is as...
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The recommended level of retirement savings an individual should have saved at each age is as follows: a. At age 30: 1X income at age 30 b. At age 40: 3X income at age 40 c. At age 50: 5X income at age 50 d. At age 70: 7X income at age 70 Required: Bob makes $90,000 a year in income at age 50, and his salary is growing at 5 percent per year. He currently has retirement savings of $400,000. He wants to know if he will have enough income to retire at age 70. Bob could ask the below questions regarding his retirement savings and for each of these questions, determine which type of analytics might address it. Question How much retirement savings did we have at age 30? Age 40? How do we adjust our savings pattern to meet the expected retirement savings target? What is the forecasted level of income at age 70? Given the expectations given of retirement income at ages 30, 40, 50, and 70, how much does the savings to date differ from that expected? What is the forecasted retirement savings? What was the level of income at age 30, 40, and 50? When will be able to retire? Age 65? Age 70? The recommended level of retirement savings an individual should have saved at each age is as follows: a. At age 30: 1X income at age 30 b. At age 40: 3X income at age 40 c. At age 50: 5X income at age 50 d. At age 70: 7X income at age 70 Required: Bob makes $90,000 a year in income at age 50, and his salary is growing at 5 percent per year. He currently has retirement savings of $400,000. He wants to know if he will have enough income to retire at age 70. Bob could ask the below questions regarding his retirement savings and for each of these questions, determine which type of analytics might address it. Question How much retirement savings did we have at age 30? Age 40? How do we adjust our savings pattern to meet the expected retirement savings target? What is the forecasted level of income at age 70? Given the expectations given of retirement income at ages 30, 40, 50, and 70, how much does the savings to date differ from that expected? What is the forecasted retirement savings? What was the level of income at age 30, 40, and 50? When will be able to retire? Age 65? Age 70?
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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