Chrisanna Prez Rodrguez and her husband, Fernando, have worked since their early 20s. Chrisanna, now...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Chrisanna Prez Rodrguez and her husband, Fernando, have worked since their early 20s. Chrisanna, now age 48, worked for a previous employer for 8 years. When she left that job, Chrisanna left her retirement money in that employers 401(k) retirement plan. The investments are now worth $85,000, and they currently earn about 5 percent annually. She now works as a food services manager for a convention center, earning $110,000 a year. Chrisanna contributes $367 each month (4% of her salary [$110,000 3 0.04/12]) to her employers 401(k) retirement plan. Her employers policy is to provide a 100 percent match up to 6 percent of Chrisannas salary contributions and allow her to contribute a total of up to 8 percent of her salary on her own. Chrisannas 401(k) account balance at her new employer is $21,000. They have no other retirement savings. Fernando, age 47, is a computer programmer working independently as a contractor for various companies, but he has not saved for retirement. While his income varies he usually earns about $90,000 annually. Chrisanna is hoping that she and Fernando can retire when they both are age 65.
3. How much in Social Security benefits can each expect to receive?
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
