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Case Study 2

 

 

 

Your client, Steven, age 43, has come to you for assistance with retirement planning. He provides you with the following facts.

 

·         He earns $80,000 annually.

 

·         His wage replacement ratio has been determined to be 80%.

 

·         He expects inflation will average 3% for his entire life expectancy.

 

·         He expects to work until 68, and live until 90.

 

·         He currently has $60,000 saved, and he is averaging a 9% rate of return and expects to continue to earn the same return over time.

 

·         He has been saving $3,000 annually in his 401(k) plan.

 

·         Additionally, Social Security Administration has notified him that his annual retirement benefit, in today’s dollars will be $26,000.

 

1. Using calculations, explain to Steven why it is realistic to use a wage replacement ratio of 80%.

 

2. Using the annuity method, calculate how much capital Steven will need to be able to retire at age 68.

 

3. Given his current resources, does he have sufficient resources to achieve his retirement goal? Using calculations, show and explain your answer to Steven.

 

4. Provide Steven with 3 alternatives for meeting his retirement goal. In doing so, use calculations to show the impact of each alternative.

 

 

 

Before hiring you as his financial planner, Steven was going to another planner. He mentions that the other planner calculated this retirement needs another way, so he asks you to calculate his retirement needs using other methods.

 

 

 

5. Using the capital preservation method, calculate how much capital Steven needs in order to retire at 68.

 

6. Using the purchasing power preservation method, calculate how much capital Steven needs in order to retire at 68.

 

7. In your own words, provide Steven with the advantages and disadvantages of each method and explain why the amounts calculated are different with the three methods.

 

8. In your own words, provide Steven with the advantages and disadvantages of 2 investment instruments that are used specifically to save for retirement. Which would you recommend and why?

 

 

 

Your completed Case Study must contain a minimum of 700 words and 2 citations in current APA format. Acceptable sources are personal finance journals, magazines, or newspapers.

 

 

 

Submit Case Study 2 by 11:59 p.m. (ET) on Monday of Module/Week 7.

 

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