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Projecting Retirement Income and Investment Needs

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Projecting Retirement Income and Investment Needs
Chapter 14 – Worksheet 14.1
While almost everyone understands that planning for retirement is important, far too few people actually implement a comprehensive plan, much less set aside enough savings to fund their retirement adequately.
In this activity, you’ll use a worksheet to determine the annual savings required to fund your retirement nest egg.
INSTRUCTIONS
Use the attached Excel file (ws_14.1.xls) to determine how much you will need to maintain your desired lifestyle in retirement. If you are in a position to use actual estimates, please do so. If you are not in such a position today (you live at home, have no job or just a part time job, are not responsible for paying for normal household expenses, etc.), then use the following assumed data to complete the worksheet:
You plan to retire in 15 years, and your current household expenditures run about $50,000 per year. You estimate that you’ll spend 80 percent of that amount in retirement. Your Social Security benefit is estimated at $20,000 per year, and you’ll receive $12,000 per year from your employer’s pension plan (both of these amounts are in today’s dollars). Additional assumptions include an inflation rate of 4 percent and a rate of return on retirement assets of 8 percent a year before retirement and 5 percent afterward.
Save your Excel file as “worksheet 14.1 – your name”.
Once you have completed the worksheet, write a 3-4 paragraph reflection discussing the following:
(Begin by stating whether you used your real data, or the assumed data provided, and why.)
State the amount of retirement funds required. (Part IV, letter N on the worksheet)
State the annual savings required to fund retirement nest egg. (Part IV, letter Q on the worksheet)
Do these numbers surprise you?
Do you think the annual savings required to fund the retirement nest egg is something you can realistically achieve?
Have you already taken any steps toward developing a retirement plan, and saving for it?
What is one thing you can do today to either improve your plan or develop it?
Why do you think so many people fail to develop a retirement savings goal? Identify and discuss at least two reasons.
Identify and discuss at least two reasons you believe it would be smart for people to determine a specific financial target.
The self-reflection paper should be created in a separate Word document, and saved as “retirement – your name”.
Please proofread your paper carefully as deductions will be taken for grammar and sentence structure issues.
The completed Worksheet 14.1 & your Self Reflection file are due … please note excel and rubric attached

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