22 Jul HOW MUCH ANNUAL INCOME WILL HE NEED FROM HIS EMPLOYERS PLAN AND FROM HIS OWN PLANNING WHEN HE RETIRES?
Eric works for a company with a defined contribution benefit pension plan. He will retire in ten yea Show more Eric works for a company with a defined contribution benefit pension plan. He will retire in ten years (at age 65) and expects his salary to be $100000 in his last year of work. Social security should pay him $1325 per month at that time. If he needs 80 percent of his income to maintain his standard of living upon retirement How much annual income will he need from his employers plan and from his own planning when he retires? (Show all work.) Show less
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