Reference no: EM13874150
Step 1: Estimate your retirement income at: https://www.bankrate.com/calculators/retirement/retirement-plan-income-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?
Step 2: Determine how your current retirement strategy will provide for retirement income:
https://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 monthly income is your current strategy estimated to provide?
• Assume that monthly income will not be sufficient. In at least 100 words, what steps can you take now and/or in retirement to live comfortably in retirement?
Step 3: Calculate how savings can grow
How long will it take you to reach $1 million in savings? Answer the four questions in this calculator to calculate when you could become a millionaire: https://www.igrad.com/schools/universityofphoenix/?TargetURL=%2FResources%2Fmillionaire-calculator
• How many years will it be before you 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?
Estate Planning
Answer each of the following questions in at least 50 words.
1. What is a Will and a Living Will? How are these two documents different?
2. Define a Trust and a Power of Attorney.
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