Template:Single Needs Illustration Calculator Exercise
From Planipedia
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Solve for the following problem:
{{{Female Name}}} and {{{Male Name}}} want to ensure that they can fund a comfortable retirement lifestyle starting at age {{{retirement age}}}. Right now they are {{{Age}}} and {{{age 2}}} respectively, and their assumed mortality is age {{{Assumed mortality}}}. Their inflation assumption is {{{inflation}}}.
Note: For Canada, Lynne and Tom are both fully eligible for {{{benefits}}}.
{{{Male Name}}} currently saves {{{savings}}} towards his {{{account 1}}}, which already has capital of {{{account balance 1}}}. {{{Female Name}}} saves {{{savings 2}}} towards her {{{account 2}}}, with a balance of {{{savings}}}. The rate of return for these registered investments is only {{{rate of return}}}. They have some {{{investments}}} worth {{{money investments}}}, but are not currently saving anything into them. Their {{{account 3}}} is growing at {{{portfolio growth rate}}} annually.
They also said that they only require {{{requirement}}} annually to fund their retirement lifestyle.
- From the Single Needs Calculator, what is the value of the present value of their total surplus or deficit? $_____
- What are the Planning Alternatives that would allow them to achieve their retirement objective? _____
- Income Available $_____
- Annual Registered Savings $____
- Rate of Return on Non-Registered Investments _____
- % Delayed Retirement Age ______
Solve for the following problem:
{{{Female Name 2}}} wants to ensure she can fund four years of university tuition and residence for her son, {{{Son's Name}}}. Due to the continually rising costs of post-secondary education, they want to assume that the rate of inflation is set at {{{Inflation rate}}}.
{{{Son's Name}}} is {{{Son's age}}}-years old. Susan wants to fund {{{Education Amount}}} per year, suggesting{{{Son's Name}}} can cover the remainder through his own savings or scholarships. {{{Female Name 2}}} is currently saving {{{annual savings))) annually into an {{{account 4}}} account, with {{{current investments}}} already invested with a rate of return of {{{rate of return 2}}}.
Note: For Canada, these savings will qualify her for the $500 Canadian Education Savings Grant.
From the Single Needs Analysis Summary Report, identify the:
- Overall Deficit in Today’s Value:$_____
- Reduced Income Requirement:$_____
- Age at which Mike could Attend for 4 Years:____
- Annual Registered Savings Required:$_____
