QUESTION 10 Jordan wants to retire in 15 years when he turns 65-Jordan wants to

Question

QUESTION 10 Jordan wants to retire in 15 years when he turns 65-Jordan wants to have enough money to replace 75% of t current income less what he expects to receive from Social Security at the beginning of each year. He expect to receive $20,000 per year from Social Security in today's dollars. Jordan is conservative and wants to assunm a 6% annual investment rate of return and assumes that inflation will be 4% per year. Based on his family history, Jordan expects that he will live to be 95 years old. If jordan currently earns $100,000 per year and he expects his raises to equal the inflation rate, approximately how much does he need at retirement to fulfill hi retirement goals? $1,268,887. $2,242,055. $2,285,195 $3,057,348. QUESTION 11 Bruce is single, retired, and recelved Social Security retirement benefts of $18,00o this year. His other income consists of $15,000 from his former employer's pension plan; $10,000 in tax-exempt municipal bond interest and $1,000 in dividends. How much of Bruce's Social Security Benefit will be subject to income tax? O$5,350. $9,000. O$15,300. QUESTION 12 For persons with substantial income in addition to Social Security benefits, the beneficiary's modified adjusted gross income (MAGI) includes which of the following? O Interest earned as savings bonds used for higher education. OAmounts deducted for interest paid for educational loans. O Income earned in a foreign country that is excluded from income. All of the above.

Explanation / Answer

Q10)

Q11) Since the total of half of social security benefits and other incomes equal 35000, so 85% of social security benefits are taxable. Therefore correct answer is 15300.

Q12) All of the above

Current salary 100000 Total amount Required $2,285,172 So correct answer is $2,285,195 Age Requirement Social Security Benefits Amount Required 65 135070.76 36018.87 99051.89 66 140473.59 37459.62 103013.97 67 146092.54 38958.01 107134.53 68 151936.24 40516.33 111419.91 69 158013.69 42136.98 115876.70 70 164334.24 43822.46 120511.77 71 170907.61 45575.36 125332.24 72 177743.91 47398.38 130345.53 73 184853.67 49294.31 135559.35 74 192247.81 51266.08 140981.73 75 199937.72 53316.73 146621.00 76 207935.23 55449.40 152485.84 77 216252.64 57667.37 158585.27 78 224902.75 59974.07 164928.68 79 233898.86 62373.03 171525.83 80 243254.81 64867.95 178386.86 81 252985.01 67462.67 185522.34 82 263104.41 70161.17 192943.23 83 273628.58 72967.62 200660.96 84 284573.73 75886.33 208687.40 85 295956.67 78921.78 217034.89 86 307794.94 82078.65 225716.29 87 320106.74 85361.80 234744.94 88 332911.01 88776.27 244134.74 89 346227.45 92327.32 253900.13 90 360076.55 96020.41 264056.13 91 374479.61 99861.23 274618.38 92 389458.79 103855.68 285603.12 93 405037.15 108009.91 297027.24 94 421238.63 112330.30 308908.33

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