Small Business and Self-Employed Retirement Plans (LO 5.4) Eligio is a 45-year-old self-employed psychiatrist who has net earned income of $320,000 in 2023. What is the maximum amount he can contribute to his SEP for the year? 66,000 X
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- 3. A 45-year-old woman decides to put funds into a retirement plan. She can save $2,000 a year and earn 6 percent on this savings. a. How much will she have accumulated if she retires at age 65?Small Business and Self-Employed Retirement Plans (LO 5.4) Eligio is a 45-year-old self-employed psychiatrist who has net earned income of $320,000 in 2023. What is the maximum amount he can contribute to his SEP for the ye. X $A client needs assistance with retirement planning. Here are the facts: The client, Dave, is 21 years old. He wants to retire at 65. Dave has disposable income of $2,000 per month. The IRA Dave has chosen has an average annual return of 8%. Question 1. If Dave contributes half of his disposable income to the account, what will it be worth at 65? Question 2. How much would he need to contribute to have $5,000,000 at 65?
- George Clausen (age 48) is employed by Kline Company and is paid an annual salary of $42,640. He has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Clausen: a. What is the maximum that he can contribute into this retirement fund? $ 12,500 ✓ b. What would be the company's contribution? $ X Note: For items c. & d. below, round interim amounts two decimal places. Use these values in subsequent computations then round final answer to two decimal places. c. What would be his weekly take-home if he contributes the maximum allowed retirement contribution (married, allowances, wage-bracket method, and a 2.3 % state income tax on total wages)? Click here to access the Wage-Bracket Method Tables. $ X d. What would be his weekly take-home pay without the retirement contribution deduction? XImagine your uncle is currently earning $200,000 pa and is about to retire. What percent of his current income will Social Security pay?Retirement Funding. Barry has just become eligible for his employer-sponsored retirement plan. Barry is 40 and plans to retire at 65. Barry calculates that he can contribute $3,600 per year to his plan. Barry's employer will match this amount. If Barry can earn a return of 8% on his investment, he will have $526,362.77 at retirement. How much would Barry have at retirement if he had started this plan at age 30? If Barry had started this plan at age 30, the amount he would have at retirement is $ 814309. (Round to the nearest dollar.)
- Ruben and his wife Nicky have been married for 25 years and are planning to retire this year. Jason's PIA is $2,000. Renee's PIA is $800. Assuming they are both full retirement age, what is their maximum joint retirement benefit under Social Security? $3,000 $4,000 $2,000 $2,800An individual is currently 30 years old, wants to work until the age of 65 and plans on dying at the age of 85. How much will the individual need to have saved by the time he or she is 65 if he or she plans on spending $40,000 per year while retired? You can assume the individual can earn an interest rate of 5.0% and the $40,000 is in addition to any Social Security that may be receivedLaura and Alan are a young married couple with three small children. Alan earns $60,000 a year, but Laura has no earned income. What is the maximum total contribution Laura and Alan can make to their IRA accounts in 2022? $5,500 $12,000 $6,000 O $14,000 O $7,000
- Vickie and her husband Jason have been married for 25 years and are planning to retire this year. Jason's PIA is $2,000. Renee's PIA is $800. Assuming they are both full retirement age, what is their maximum joint retirement benefit under Social Security? $3,000 $2,800 $2,000 O $4,0001. Bill has an emergency fund already set aside, so he can use his $400,000 of savings for retiremenr. How much can he withdraw on a monthly basis to supplement his retirement annuity if his investments return 5 percent annually and he expects to live 30 years? 2. Ignoring his Social Secuirty benefit, is the amount determined in question 1 sufficient to meet his current monthly expenses (keep in mind that he will receive a pension of $2,800 per month)? If not, how long will his retirement last if his current expenses remain the same? What if his expenses are reduced to $4,500 per month?What would the the comuted value of the defined benefit pension plan be in the following example? Frank is leaving his job and pension at age 65 and has 33 years in the defined benefit pension plan which provides 2% per year of service based on the average best five years of income. His best average five years earnings were $75,000. The pension plan assumes life expectancy is age 92 and the rate of return of 1.1%.
