Retirement Worksheet

Anonymous
timer Asked: Oct 16th, 2018
account_balance_wallet $9.99

Question Description

Thinking about retiring? How will you manage it? Use this opportunity to plan ahead and complete the Retirement Planning Worksheet with an eye towards your future.

Review your Week 5 Learning Activities.

Complete the Retirement Planning worksheet.

Submit your assignment to the Assignment Files tab.






***************************************************************************


Age 35

retirement age 55


initial amount 10,000


annual contributions 2500


Unformatted Attachment Preview

Retirement Planning Worksheet FP/100 Version 1 University of Phoenix Material Retirement Planning Worksheet Complete Parts I and II of the Retirement Planning Worksheet. Part I: Retirement Planning 1. Estimate your retirement income at: http://www.bankrate.com/calculators/retirement/retirement-planincome-calculator.aspx You will be asked to answer six questions. If you are unsure of what the fields are, the definitions are below on the same page. There are some assumptions about how much your investments will earn, inflation rates and tax rate; you can edit these to see how they impact the calculation. • • Based on your inputs, what is your estimated monthly retirement income before tax/inflation? Based on your inputs, what is your estimated monthly retirement income after tax/inflation? 2. Determine how your current retirement strategy will provide for retirement income at: http://www.bankrate.com/calculators/retirement/retirement-plan-calculator.aspx. You will be asked to answer eight questions. If you are unsure of what the fields are, the definitions are below on the same page. There are some assumptions about how much your investments will earn, inflation rates, and if Social Security income is considered; you can edit these to see how they impact the calculation. • • Based on your inputs, how much will you have saved using your current strategy? At what age are your savings expected to run out? Assume your savings will not be sufficient to cover your living expenses. In at least 100 words, what steps can you take now and/or in retirement to live comfortably in retirement? 3. Forecast when you could become a millionaire at: http://www.igrad.com/schools/universityofphoenix/?TargetURL=%2FResources%2Fmillionairecalculator You will be asked to answer four questions. If you are unsure of what the fields are, the definitions are below on the same page. • How long will it take you to reach $1 million in savings? • Thinking of what your life might be like in retirement, would $1 million be sufficient to support yourself? (Some things to consider would be your health, where you live, and how much money you owe.) In at least 100 words explain why or why not? 4. Define the differences between a 401K and Roth IRA in at least 50 words. Copyright © 2017 by University of Phoenix. All rights reserved. 1 Retirement Planning Worksheet FP/100 Version 1 5. Determine whether a Roth IRA or traditional IRA will lead to higher earnings. Input your current age, estimated age at retirement, annual salary, and annual IRA contribution you expect to make in this calculator http://www.bankrate.com/calculators/retirement/roth-traditional-ira-calculator.aspx. Click View Report to understand how the results were calculated. • Provide a summary of the results. Would a Roth IRA or traditional IRA lead to higher earnings based on your inputs? • Change the inputs in the calculator to see different scenarios. Provide one scenario/combination of inputs in which the Roth IRA leads to higher earnings than a traditional IRA, and summarize the main reason provided in the report for why this is so. Then, provide one scenario/combination of inputs in which the traditional IRA leads to higher earnings than a Roth IRA, and summarize the main reason provided in the report for why this is so. Response should be at least 50 words. Part II: Note to Self After reviewing the information provided above, write a brief, summative “Note to Self” regarding how you should plan for your future retirement. How will you use what you have learned in this course to plan ahead, and how will the answers you entered above factor in? Responses should be between 260 to 350 words. Copyright © 2017 by University of Phoenix. All rights reserved. 2 ...
Purchase answer to see full attachment

Tutor Answer

JesseCraig
School: UC Berkeley

Attached.

Running head: RETIREMENT WORKSHEET PLANNING

Retirement Worksheet Plan
Student’s Name
Institutional Affiliation

1

RETIREMENT WORKSHEET PLANNING

2

Question 1:
a)

Based on the inputs used and the resultant calculation, the monthly retirement

income estimated before the 2.9% annual inflation rate and before taxes amount to $618.167
after a period of 20 years.
b)

The estimated monthly retirement income calculated based on my inputs and after

2.9% inflation and after taxes will be $525.44 for 20 years.

Question 2:
a)

My current strategy has been calculated based on the input I used. The strategy can

provide $75480 after retiring and annual expenses of $15240. The savings are expected to run
out when I attain the age of 78 years. Additionally, it has an estimated annual sum of $2844 per
annum due to my contribution of $1350 per annum.
b)

Based on the results indicated, $1350 will not be sufficient to survive with. However,

some changes can be done on my savings plan if I begin planning now on the way I am going to
save for my retirement. I shall contribute to the amount I have committed to and treat is an
obligation that I pay first at the end of every month just like normal monthly bills. I will settle all
my outstanding owed de...

flag Report DMCA
Review

Anonymous
Thanks, good work

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors