Personal Finance (Retirement Plan)

Personal Financial Plan Assignment 8There is no illustration for this assignment. What you need to do is prepare a cash budget for one year with the same format as you used for the Week 3 assignment. But the similarity ends with the format. This will be your retirement budget. You must have a minimum of 18 expense lines. Make sure you include the Cumulative Surplus line and that the cumulative surplus number for December matches the Total column total.First, you must decide what do you want to do when your retire – travel around the world, buy a motor home and see the country, buy a cabin on a lake and fish, visit your children and grandchildren, etc. After you’ve given much thought to what kind of life you want when you retire, then you will prepare a monthly annual budget – January to December with a total column for the year to see what it will cost you.You will have to do a lot of work to determine what your retirement revenue and expenses will be for this assignment. The amounts for both will be based on how much you will need to cover your expenses for the year you retire and the following years. Here are the assumptions you will make when preparing your budget:1. First, I want everyone to assume they will retire at age 65. So if you’re 25 now (I am 29 Years old), you will have to be projecting what things are going to cost 40 years from now. The best way to do this is to look at the cost of things 40 years ago – 1980, and compare that to what they cost today. This is going to take research. For example, if a new car cost $7,000 in 1980 and $25,000 now, the increase is 357% (the formula for this is the amount of the new car – $25,000 – divided by the amount of the old car. So you could project that in 2060 an equivalent car would cost $89,250 ($25,000 x 357%). There are websites that will give you some historical cost information. Be prepared for some surprises. I would figure all of my expenses first, and then figure where the money was coming from. You must be realistic to receive any credit for this assignment. If you’re going to retire in 40 years, your total expenses per year will probably be between $350,000 and $400,000. But don’t be discouraged – wages also increase over 40 years. Google and you’ll come up with websites like ttp://www.thepeoplehistory.com/1970s.html2. The second assumption is that you are not going to work after retirement. After you’ve figured out how much it will cost you to live and do the things you want to do, you need to determine where the money is going to come from – IRA’s, retirement accounts, social security, savings – to cover these expenses. Then you must look at the number of years you’ll be retired.3. The third assumption is that you’re going to live for 20 years after you retire – to 85. So you will have to have enough funds to cover your expenses for 20 years. And these expenses will be changing each year. Just look at how much prices have changed since 1990.4. Also assume that you own your own home, but you will have all the expenses associated with it including property taxes, insurance, utilities, maintenance and repairs. Each of these items will be on a separate line on your budget..5. Another thing that will play a big role in your budget is how you’re going to cover your medical expenses. You’re old and your body is starting to shut down. You may assume Medicare will be available, but limited. You will have to have adequate medical insurance to cover your medical expenses. You’ve already done the insurance research in an earlier project. Now you can project how much one of these policies is going to cost when your retire and use that for your monthly premium. This is another line item on your budget. And don’t forget a line for medical expenses not covered by insurance. Make sure you have a line on your budget for health care and another for medical insurance. You’ll also need lines for car insurance and house insurance.6. You will assume that you are single when you retire.FINALLY, be absolutely realistic in all of your numbers. At the bottom of your budget you will need to tell me what year you plan on retiring and what sources you used to determine your expenses and any assumptions you made. You must have realistic numbers and assumptions in order to receive any credit for this assignment.Do not resubmit the Week 3 budget with a few changes – this is an automatic zero. There will be no second chances on this assignment – no revisions for credit. What you submit by Sunday midnight will be final as in all assignments.

Calculate your paper price
Pages (550 words)
Approximate price: -

Why Choose Us

Quality Papers

We value our clients. For this reason, we ensure that each paper is written carefully as per the instructions provided by the client. Our editing team also checks all the papers to ensure that they have been completed as per the expectations.

Professional Academic Writers

Over the years, our Acme Homework has managed to secure the most qualified, reliable and experienced team of writers. The company has also ensured continued training and development of the team members to ensure that it keep up with the rising Academic Trends.

Affordable Prices

Our prices are fairly priced in such a way that ensures affordability. Additionally, you can get a free price quotation by clicking on the "Place Order" button.

On-Time delivery

We pay strict attention on deadlines. For this reason, we ensure that all papers are submitted earlier, even before the deadline indicated by the customer. For this reason, the client can go through the work and review everything.

100% Originality

At Graduate Assistants, all papers are plagiarism-free as they are written from scratch. We have taken strict measures to ensure that there is no similarity on all papers and that citations are included as per the standards set.

Customer Support 24/7

Our support team is readily available to provide any guidance/help on our platform at any time of the day/night. Feel free to contact us via the Chat window or support email: support@acmehomework.com.

Try it now!

Calculate the price of your order

We'll send you the first draft for approval by at
Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

Graduate Assistants has stood as the world’s leading custom essay writing services providers. Once you enter all the details in the order form under the place order button, the rest is up to us.

Essays

Essay Writing Services

At Graduate Assistants, we prioritize on all aspects that bring about a good grade such as impeccable grammar, proper structure, zero-plagiarism and conformance to guidelines. Our experienced team of writers will help you completed your essays and other assignments.

Admissions

Admission and Business Papers

Be assured that you’ll definitely get accepted to the Master’s level program at any university once you enter all the details in the order form. We won’t leave you here; we will also help you secure a good position in your aspired workplace by creating an outstanding resume or portfolio once you place an order.

Editing

Editing and Proofreading

Our skilled editing and writing team will help you restructure you paper, paraphrase, correct grammar and replace plagiarized sections on your paper just on time. The service is geared toward eliminating any mistakes and rather enhancing better quality.

Coursework

Technical papers

We have writers in almost all fields including the most technical fields. You don’t have to worry about the complexity of your paper. Simply enter as much details as possible in the place order section.