Business, 23.05.2020 00:59 morgan4411
Jamie Lee and Ross, now 57 and still very active, have plenty of time on their hands now that the triplets are away at college.
They both realized that time has just flown by; over twenty-four years have passed since they married!
Looking back over the past years, they realized that they have worked hard in their careers, Jamie Lee as the proprietor of a
cupcake café and Ross, self-employed as a web-page designer. They have enjoyed raising their family and strived to be
financially sound as they are looking to retirement that is just around the corner. They saved regularly and invested wisely over
the years. They rebounded nicely from the economic crisis over the past few years, as they watched their investments closely
and adjusted their strategies when they felt it necessary. They purchase vehicles with cash and do not carry credit card
balances, choosing instead to use them for convenience only. The triplets are pursuing their master's degrees and have tuition
covered through work/study programs at the university.
Jamie Lee and Ross are just a few short years from realizing their goals of retiring at 65 and purchasing a home at the beach!
They are reviewing their financial situation to ensure they will be ready for retirement. They anticipate being able to live
comfortably with 80% of their current expenses. The rate of return on their investments until they retire is 5%. They expect this
percentage to drop to 4% after retirement. Use this information, along with Exhibit 1-A, Exhibit 1-B, and the information provided
below to determine the annual deposit amount Jamie Lee and Ross will need to make until they retire in order to make up the
shortfall between their estimated expenses and income needed during retirement. Each answer must have a value for the
assignment to be complete. Enter "O" for any unused categories.
Current Expense Amounts (Jamie Lee and Ross Combined)
Fixed expenses: $3,900/month
Variable expenses: $2,900/month
Estimated Income Amounts (Jamie Lee and Ross Combined)
Social Security: $3,000/month
Current IRA balance: $98,000
Estimated IRA withdrawal: $400/month
Other investments: $30,900/year
Answers: 3
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Jamie Lee and Ross, now 57 and still very active, have plenty of time on their hands now that the tr...
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Social Studies, 06.09.2019 04:20
