CMIS2250 – MIS & Analytics
FALL (1201) - 2020
Section
How much will he have to live on when he retires?
Is his current rate of savings adequate to meet his goal of retiring at 65 years of age AND last him
and Madelyn until they reach their early to mid-90’s?
If not, how much
should
he be setting aside each year?
How long after retirement will he be able to live comfortably? What are the risks he faces, and
how should his retirement planning take these risks into account?
Other pieces of information that Greg has provided you for your analysis include the following:
Monthly expenses:
Food & Household items: $550.00
Utilities: $200.00 (average)
Telecom/internet/streaming TV: $250.00
Entertainment: $250.00
Travel/Vacations: $ 400.00 (averaged monthly)
Mortgage: $1200.00
Insurance (auto, home, & life): $485.00
Maintenance & Repairs: $350.00 (home & autos)
Fuel: $200.00 (2 autos)
Miscellaneous: $275.00
Total estimated monthly expenses: $4160.00
Estimated tax rate applied: 19%
