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BUSI352 quiz 5 complete solutions correct answers key


201920 Spring 2019 BUSI 352-B01 LUO

•             Question 1

2 out of 2 points

                Why is inflation important to consider in retirement planning?                                  

•             Question 2

0 out of 2 points

                David, age 52, has come to you for help in planning his retirement. He works for a bank, where he earns $60,000. David would like to retire at age 62. He has consistently earned 8% on his investments and inflation has averaged 3%. Assuming he is expected to live until age 95 and he has a wage replacement ratio of 80%, how much more will David need at retirement to have the same amount at his death as he will have at his retirement?                                  

•             Question 3

0 out of 2 points

                Shannon is planning for her retirement. She is currently 35 years old and plans to retire at age 60 and live until age 95. Shannon currently earns $100,000 per year and anticipates needing 80% of her income during retirement. She anticipates Social Security will provide her with $15,000 per year leaving her with required savings to provide $65,000 ($100,000 x 0.80 – $15,000) annually during retirement. She believes she can earn 11% on her investments and inflation will be 2% per year. Assume Shannon would like to have the same purchasing power in retirement savings at age 95, as she does at age 60, when she retires. How much must Shannon save at the end of each year, if she wants to make her last savings payment at age 60 to meet her retirement goal, assuming she wants to maintain the original purchasing power of her capital balance?                                       

•             Question 4

2 out of 2 points

                Rick would like to retire in 11 years at the age of 66. He would like to have sufficient retirement assets to allow him to withdraw 90% of his current income, less Social Security, at the beginning of each year. He expects to receive $24,000 per year from Social Security in today’s dollars. Rick is conservative and assumes that he will only earn 9% on his investments, that inflation will be 4% per year and that he will live to be 106 years old. If Rick currently earns $150,000, how much does he need at retirement?                                        

•             Question 5

2 out of 2 points

                Jane has the following expenditures during the current year.

1- Health Care $950

2- Travel $800

3- Savings $3,800

4- Gifts to Grandchildren $1,400

Which of these expenditures would you expect to decrease during Jane’s retirement?                                

•             Question 6

2 out of 2 points

                Wilber, age 25, is hoping to retire at age 60. He expects to live until age 90. He anticipates needing $45,000 per year in today’s dollars during retirement. Tyrone can earn a 12% rate of return and he expects inflation to be 4%. How much must Wilber save, at the beginning of each year, to meet his retirement goal?                                  

•             Question 7

2 out of 2 points

                David, age 52, has come to you for help in planning his retirement. He works for an insurance company, where he earns $60,000. David would like to retire at age 62. He has consistently earned 8% on his investments and inflation has averaged 3%. Assuming he is expected to live until age 95 and he has a wage replacement ratio of 80%, how much will David need to have accumulated as of the day he retires to adequately provide for his retirement lifestyle?                                       

•             Question 8

0 out of 2 points

                Phil and Sherry, both age 40, have $80,000 of combined retirement assets. They both expect to retire at the age of 65 with a life expectancy of 100 years old. They expect to earn 10% on the assets within their retirement accounts before retirement and 8% during their retirement. If they did not make any additional contributions to their account and they receive a fixed monthly annuity benefit for life, what is the monthly benefit (annuity due) amount they will receive during retirement?                                      

•             Question 9

0 out of 2 points

                David, age 52, has come to you for help in planning his retirement. He works for a bank, where he earns $60,000. David would like to retire at age 62. He has consistently earned 8% on his investments and inflation has averaged 3%. Assuming he is expected to live until age 95 and he has a wage replacement ratio of 80%, approximately how much must David save at the end of each year, from now until retirement, to provide him with the necessary capital balance assuming he has a zero balance today?                                     

•             Question 10

2 out of 2 points

                Work life expectancy (WLE) is the period of time a person in in the work force.  This is typically:                                

•             Question 11

2 out of 2 points

                Sarah, a self-employed mechanical engineer, currently earns $100,000 per year. Sarah has always been a self-proclaimed saver, and saves 25% per year of her Schedule C net income. Assume Sarah paid $13,000 in Social Security taxes. Tiffany plans to pay off her home mortgage at retirement and live debt free. She currently spends $25,000 per year on her mortgage. What do you expect Sarah’s wage replacement ratio to be at retirement based on the above information?                                     

•             Question 12

2 out of 2 points

                Which of the following expenses typically decrease during retirement?                                

•             Question 13

0 out of 2 points

                Charlie would like to determine his financial needs during retirement. All of the following are expenditures he might eliminate in his retirement needs calculation except:                                        

•             Question 14

2 out of 2 points

                Ted and his twin sister Emma, both age 25, each believe they have the superior savings plan. Ted saved $5,000 at the end of each year for ten years then let his money grow for 30 years. Emma on the other hand waited 10 years then began saving $5,000 at the end of each year for 30 years. They both earned 9% on their investment and are 65 years old today and ready to retire. Which of the following statements is correct?                                              

•             Question 15

0 out of 2 points

                The capital preservation model assumes that at life expectancy the client has exactly the same spending power as he did at the beginning of retirement.                                  

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