Business, 24.04.2020 16:01, PersonPerson13260

You and your spouse are both 40 years old. You earn $55,000 and your spouse earns $35,000 per year. You estimate you can live comfortably on a minimum of 75% of your combined salaries in retirement, but hope to achieve more than that. You both plan to retire at age 62 and move to a warmer climate. You've changed jobs three times already in your career.
With your first employer, you are vested in a defined-benefit plan with a fixed monthly payment of $315 if you begin taking benefits at age 62. With your second employer, you had a 401(k) that you rolled into an IRA that is now valued at $30,000. With your current employer, you have a 401(k) that is valued at $11,000. Your spouse has a 401(k) that is currently worth $10,500. You assume you will both live 20 years beyond retirement.
Required:
1. Your current expectation is that together, you and your spouse, will require a minimum annual income of in retirement (in today's dollars).

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You and your spouse are both 40 years old. You earn $55,000 and your spouse earns $35,000 per year....