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Presentation/PPT
27/08/2022
Sam and Linda Fleming have come to you for financial advice. Linda is very nervous about finances and money in general. She does not like the stock market and would feel more secure if “all of their savings was in a box buried in the backyard.” Sam is 40 years old and owns his own business. They have two children, Kyle and Lilly – ages 9 and 6. Up until a few years ago, Sam enjoyed day trading in his own account. He feels that the more risk one takes, the more return one will always get. Linda is a stay at home mom, but she has considered opening a business baking cupcakes. She feels like their budget is too tight and would like more play money. Since Sam has been to rehab for gambling, he has stopped day trading and currently all of their accounts are sitting entirely in cash only. Sam’s income varies since he is a business owner. Last year was a little better than normal, though, and he ended up making $96,000 – $18,000 of which was categorized as wages, and the rest as business income. Sam had to pay $870 in self employment tax this year. Linda is also 40 years old. They own one home which was purchased last year. The market value oat that time was $190,000. Due to the size of their home, their itemized deductions for this year are projected to be$14,000. They have not been putting any money into their retirement savings accounts as of lately. Last year, Sam took out a 20 year term life insurance policy with a face value of $300,000. Taxable interest earned last year was $900 and they had realized capital gains of $126.Sam and Linda have provided you with the following information on their current finances:1 House (use principal balance due for calculation purposes)Checking account – $5,000Linda Roth IRA – $24,000CD – $18,000Car Loan – $16,500 due in 4 years, monthly payments of $3462 Cars valued at $23,000 eachSavings account for emergencies – $16,000Sam Individual 401(k) account – $176,000Boat & Trailer – $18,000Credit Card Balance – $3,800 due this year, monthly payments of $475Monthly living expenses before retirement – $5,800For planning purposes, use the following assumptions:Life expectancy: Sam – 100 years old, Linda – 100 years oldInflation – 4% annuallyNormal Market Return – 8% annuallyMonthly living expenses during retirement – $3,800His social security will begin at age 65 – $2,000/month with a COLA of 4%If either dies, the burial/funeral home cost will be $15,000There was no child tax credit this yearUsing retirement assets ONLY, if Sam retires at age 65, what is the annual savings required to fully fund retirement if the last dollar is spent at his age 100?
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The writer is very fast, professional and responded to the review request fast also. Thank you.
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