CMIS2250 (1201) - DA Assignment - Retirement Background.docx - CMIS2250 \u2013 MIS Analytics FALL(1201 2020 Section RETIREMENT PLANNING \u2013 Background

CMIS2250 (1201) - DA Assignment - Retirement...

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CMIS2250 – MIS & Analytics FALL (1201) - 2020 Section RETIREMENT PLANNING – Background Information Greg Johnson needs financial advice and he has come to your team for help. Greg would like to retire in 10 years or sooner, if financially possible. However, he is fearful that he may not meet his retirement goals. He has come to you for an analysis of his current financial position and whether he is on track to retire at age 65 or not, and if not, what options would your team recommend helping him ensure he meets his goals. Greg is 55 years of age, married with one child. He has been working as a service technician for Xerox for the last 30 years. His wife, Madelyn is 53 and retired at 50. She only worked part time since she married Greg 35 years ago and therefore did not earn a pension. Greg’s son, James, is 30 years old and has a family of his own. Greg’s 2020 salary from Xerox is $61,800 (per annum). Every year, Greg receives a cost-of-living adjustment (COLA) of 3%. In addition, he is eligible for year-end bonuses that range from 5% to 15% of his annual salary, dependent upon the performance of his regional office. Last year, Greg earned a bonus

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