Personal Finance Retirement

retirement calculator?

I am looking for a retirement expense calculator? There are lots of online calculators to project the future value of retirement options, such as, IRAs, 401k's, Social Security, Company pension plans, etc. and/or replacement percent of my current salary, but Is there a calculator that can project everyday living expenses like the cost of heating, (Gas), electricity, groceries, property taxes, telephone, cable TV, insurance, clothes, gasoline? I have access to calculators that estimate what my 'nest egg' will be 5, 10, 15, or 20 years out, but what will it cost to live 5, 10, 15, or 20 years from now? Thank you.

Does anyone know of a retirement calculator that figures in declining cash requirements as we age? Actually, it is possible to have declining cash needs if you are planning to do a great deal of traveling during the first 5 to 10 years then settling back to a more domestic life with possible part time work, extremely self-sufficient children and a paid off/low maintenance house -- the latter 2 of which we are already enjoying. Of course there is always the risk of something catastrophic later in life but, I feel like we're very well prepared for most anything.

Where can I find a good retirement calculator? I'd like one that isn't sponsored by someone trying to sell something.

Can the retirement savings calculator at Yahoo Finance be modified to change the age of receiving Social Sec? For example, the calculator assumes a person would start drawing Social Security benefits at age 62. Can this calculator be modified or updated to show what the benefits would be if the person started taking benefits at age 67 (or any other age over 62)? It would be a more useful Yahoo users tool if this item could be updated.

Can Anyone suggest an easy to use retirement calculator via the web? Any advice on the Vanguard REIT fund? That is when to hang on and when to get out?

Does anyone know of a good online "retirement calculator" that helps you figure out how much you need to save?

does yahoo have a retirement calculator that includes both fix income from pensions and 401k saving?

where do i find a "retirement savings calculator" on-line?

Retirement savings calculator? Does anyone know an equation or a website with a calculator to determine savings based on a weekly contribution to an account with a fixed rate of weekly compounding interest. Example: 50 a week into an account with 15% interest over 30 years = ?

where can i get a free calculator on how much to save for retirement?

Where can I find good online retirement calculators?

Am I saving enough for retirement? I'm 34 years old and have saved over $80,000 so far in a 401k, IRA, and Roth IRA. I'm putting 20% into my 401k, my employe is matching 4.5%, so that's around $14,000/yr. I'm also putting $4000/yr into a Roth IRA, and $300/mo into my emergency fund which has almost $18,000 (savings). I'm being very aggressive right now, because I feel like I might be behind on my retirement savings, but it's hard to tell. I've used retirement calculators but never know if I can count on them.

Federal Retirement Calculators? Where can I find a good federal retirement calculator?

Where can I get a real Personal Financial Planning Software? All the Personal Financail Planning software I found just like Personal Accounting or just a Retirement Calculator. Where can I find a real Personal Financial Planning software which covered everything included my clear dept planning, risk protection, education and retirement planning?

Taking retirement money? I have used retirement calculators, with success. Has anyone heard of the "rule of three"? I worked for a company that had an ESOP program. Without penalty you could withdraw money in the fourth year, but only the first years money, etc. Does anyone think thats a good strategic move in a retirement program If the person can do it?

How much should we be saving for retirement? My husband only works, I am a stay at home mother of four children ( I worked for 8 years as a lab manager before having children). How much should we be saving for retirement? He is 35 years old, I am 36 years old. We currently max out his 401K at 15% of his pre-tax salary. We also save 10% post tax into an annuity type account (life insurance also). When I use retirement calculators, they usually say we should be saving only 5% of our pre-tax income actually since we started at age 26 or so, but I believe that this is only for 1 person, and we are actually saving for both of us. The Yahoo retirement calculator says we should have $2,000,000 in all based on 8% return. Should this be $4,000,000 instead for 2? We have no debt except for a $70,000 mortgage with 9 years left. None of our friends or family save as much as we do, but are we really going overboard here with savings? Or is it better to save as much as we can now and ease up later when our children are in college? I guess I actually have two questions: With the retirerement calculators, they ask if you are married and if your spouse has any income, but are the totals for one person or two? Also, is a total savings rate of 25% totally off the mark (too much)? My husband thinks we are saving too much, I am very conservative! Thanks so far for all the answers. With all of our savings as is, and 4 young children with 1 income only, we really have no "disposable"spending money. Is cutting back to 10% for his 401K a good idea? Would our retirement still be "on course" for both of us? We never eat out, have not gone on vacation since we were married 10 years ago, his car is 9 years old and we would need to buy a new one soon, etc. He thinks we need to enjoy our lives now a bit more. We do also fund an HSA with about 4% pretax also each month! But we have no separate college savings plan yet. I thought that 529 plans only had state tax benefits, not federal currently?

When calculating annual income for retirement do you use annual income before taxes or after taxes.? I notice that many online calculators don’t specify(before or after taxes) and I don’t know how that affects the formula.

What are the best free retirement calculators out there? I have an autistic child who will need lifelong care I'm 52 and have saved enough to "probably" retire comfortably next year. This doesn't even include my real estate which is currently in the toilet - and has high carrying costs - which I can absorb for another 18-36 months, if need be, till the real estate market improves and get a better price. Problem is, I have a mentally handicapped child that will need lifelong financial assistance after I'm gone, so I have to plan for the money lasting at least 50+ years. Anyone have any suggestions or experience with this. No, I cannot work another 5 or more years - I can barely get around in excruciating pain as a result of severe injuries a few years back and no, I'm not on disability. I worked my butt off before having kids and saved like hell, hoping for a globetrotting retiree lifestyle and hike across the world. Unfortunately, God had other plans for me as I approached what I thought was financial independence as I can barely get around the block anymore. Any words of wisdom? Thanks

Is ther a simple on-line calculator to figure out if going back to school is worthwhile? I am not sure about going back to school. I already get paid well. I need to know if it would be worth it to back to school. I would loose income, pay for school, loose income on money I could've saved in retirement funds, etc.

In order to obtain $500,000 in retirement, how much do I need to save every year for 30 years at 6% interest? How can you do this on a financial calculator - n i pv pmt fv?

How much will I get back in taxes or will I have to pay? I am curious to know what an approx. refund will be. I claim zero dependants my total income before taxes last year was $31,564.19. I had some pre-tax dedcutions including retirement and health care. Federal taxes taken out where $3,122.95 and state deductions where $1,491.10. I do have seperate money in IRAs and money markets so I am not sure how that will play in. When I use an online calculator it says I owe, I have also put in my info from last year and it said I owed money. However last year I got a refund. So just curious if you have any idea.

How long should I study for the Series 66 and any tips? I just passed the series 7 a few hours ago with over 90% and I want to get the 66 as soon as possible. Right now I'm looking at which books to buy and I should buy them sometime this weekend. Which books are good? I also looked at the outline and I know TVM and how securities and retirement plans work, but the second half of the test looks more difficult. Are there certain approved calculators for the exam? I'm a little scared because there are only 100 questions, so I'm afraid I'll got a lot from a topic I don't know well. I just ordered the STC book, so I just need advice on how long I should study.

Retirees: How much money have you given yourself to live off of, and are you satisfied? I know there are a million online calculators for this stuff but I'd like real-person opinions. If you are retired - what age did you retire at, how much annual income did you allocate, and what level of "luxury" or lack there of has it given you? Just curious how my retirement plan compares to reality....

Is the salary high enough to take this new job? I have two good job offers on the table right now and am having a hard time deciding which to take. Job one has good benefits and a company vehicle. It is 40 miles from my home. Job two has more benefits, no company vehicle and is 60 miles from my home. This job pays $18,000 more. The most important benefits (health and retirement) are similar. How much is the vehicle really worth? I expected a higher salary from job two because it is Westchester County, NY. If I look at a salary calculator between the two jobs, job two looks low. Does that matter since I am not leaving my home and will live here no matter which job I take?

Why is there a big difference between salary from this state? okay I went to those cost of living calculators and it said like 130000is comparable to 50000 in cali....and that your monthly payments would be higher...I understand that but if ur salary is 130000 in california why would it be like 50000 in another state in the u.s? and ppl say 130000 is not enough to buy a house?!? how is that possible? okay ur mortgage would be like what 3000/month which equales to about 36K/year....after taxes the 130K would turn to about 105,000 I want to say...but cmon 36K-100K= alot of money left ! and I know there's bills, food but u'd still! have alot of money left! the way I see it the cost of living in cali is more but i think 130000k/year is well enough to be able to pay your mortgage even if it's in cali...u can buy a house around 700000 -8 with that! ....I think u just wouldnt have alot of money left for retirement thats all!

how do i know how long my retirement funds will last? there are various ways in which one can find out about how and when to withdraw money once you retire.for example there is the monte carlo probability method .or maybe if you went to a mutual fund site like franklin templeton it will show by how much your money will grow over a certain period of time and then calculate how long it will last after taking inflation into account.or maybe if you went to a financial magazine or even dinkytown calculator you would get an answer.but the problem is none of them are good enough to satisfy one'doubts since they seem to be giving different answers .moreover their starting assumptions are different making the whole issue confusing.could somebody give an answer which can satisfy the most inquisitive mind? hey guys i am from india i dont know athing about 401k or anything about the way you guys in the us plan out your retirement.i am sorry i gave the impression that iwas an american. so figure out something more general which would suit any person in the world. by the way i am 57

how do I calculate Future Value of an investment ? Assumptions Beginning Year2008 Current Age in Years18 Retirement Age in Years65 Savings Interest Rate (%/Year)10.00% Beginning Savings$5,000.00 Savings per Month$40.00 Please help me with this... I need to put this into excel FV calculator.. it asks for interest rate, NPR and PMT

Pay off house early versus contributing to 401K? I would like to know the pros and cons of putting money into my 401K versus paying off my house early. I am 49 and contribute 15% into a 401K. If I used that money to make double payments on my house, it would be paid off in less than 6 years. At that point, I could contribute from age of 55 until retirement my 15%, 5% catch up contributions and put additional savings in an IRA. Using 401K calculators it appears I would end up with about the same amount of money in my 401K at retirement.

$1000 USD a year for 30 years. the account earns 13%compounded annually. how much at 30 years? jim puts %1000 a year at the end of each year into a retirement account for the next 30 years. the account earns 13% interest compounded annually. how much monies will jim have in 30 years? can you do this without a calculator?: ) of course inteligent answers and detailed solutions flip ma wig so go for it.

Should I make xtra paymts towards my student loan or put it into savings until I can pay it all off? My student loan is ~$26,000 @ 4.125%. I am debt free except for my house, and I have a good start on my retirement fund. I am ready to start making extra payments each month towards my student loan of $500- $1000 each month. My monthly income varies, so I can not commit to an exact dollar amount each month. I also have a savings account that is currently paying 5.20%apy or 5.16% per month. As long as this rate stays at this range, am I better off putting my extra payments into the savings account until I have enough to pay off my student loan? My thinking on this is that the student loan is tax deductible and the savings is paying more than the costs of my loan. I am very strict about not dipping into accounts that are earmarked for other things, but if I did put the money into the savings, it would give me a buffer in case I had a bad month financially with income flow. I am in the 28% tax bracket. Anyone have a calculator that calculates paying off debt vs investing

Should I make a lump-sum payment to pay off my mortgage? Ten months ago I sold my house and reaped a significant profit. I bought a smaller home, and I realized that I could pay off the new mortgage (15 yr fixed @ 5%) with one lump-sum pmt from the profit from the old house. Is this wise? My thinking is, I will pay 75K in interest over the 15 yrs, or 30-40K if I prepay and reduce the 15 yr term to 8. Obviously the lump-sum pmt eliminates that debt. I've also always felt that paying interest, just to get 1/3 back at the end of the year as a write-off, was foolish. I've tried a bunch of calculators online, but I get conflicting results. Paying this off will not hurt my retirement plans, but I"m wondering if the money could grow faster if I invest it, and if so, in what. My tax bracket is 35%, monthly mtgg pmt (P&I) is about 1580. and total mtgg amount is $200K. I gross $150K+ per year, and have no other debts (I own my car, and pay all credit card bills in full). Any help would be appreciated, thanks in advance!

this is a problem regarding present value of annuity.? Justin has been contributing to a retirement fund for several years. If Justin wants to be able to receive $1000.00 a month for 10 years, what sum would have to be invested in the account. Assume an APR of 6%. I used the present Value formula but I come out with an unrealistic answer. I believe this problem must be done on a Graphing Calculator in which u can calculate the Present/Future Value of an annuity. You must use these symbols: N=(total # of payments,if unknown enter 0) I%= (APR, for 15% enter 15, for 1.2% enter 1.2, for .05% enter .05, if unknown enter 0) PV= (Present Value,type in amount) PMT= (Payment amount, enter as a negative value to show cash flow out.) FV=(Future Value, type in amount) P/Y= ( # of payments per year, if unknown enter 0) C/Y= (# of time interest is compounded per year, should be the same as P/Y) Thats the problem and the info needed to be plugged into the Graphing calculator. Can u guys post the work and the numbers used for the symbols. Thx

can you liberals please explain this to me? Is the Reagan Era Officially Over? Sen. Chuck Schumer has called the recent Democratic takeover of Congress the end of the Reagan era. Friday, December 1, 2006 Star Parker - Scripps Howard News Service Sen. Chuck Schumer has called the recent Democratic takeover of Congress the end of the Reagan era. If we believe a red flag that the Wall Street Journal has run up about a possible Republican capitulation with the new Democratic majority on Social Security reform, our own Republican president might prove Schumer right. The Wall Street Journal, and other sources, now report that the Bush administration is expressing openness to forget the idea of private ownership as the basis for Social Security reform, and to work with Democrats to "save" Social Security as it is with tax increases and benefit cuts. Badly needed reform of our wounded and limping Social Security system has been seriously hampered by what I call the politics of cynicism. These politics are driven by politicians primarily motivated by protecting their own power and interests as opposed to those of their constituents. What's my proof that Social Security reform is driven by this cynical brand of politics? No one could possibly argue that Social Security is a good program today. If we did not have it, and any politician tried to propose it and get it passed, he or she would be laughed out of Washington. Social Security is a unique government program in that every taxpayer can personally evaluate it by asking the simple questions - What am I paying, What am I getting, and Is it worth it? The Heritage Foundation's Social Security calculator tells me, for example, that a 25 year old male earning $31,000 can expect, based on the Social Security benefit he'll receive, almost a negative one percent return on the money he puts in over his working life. If he purchased a diversified portfolio of stocks and bonds over this same period with this same amount of money, this guy could get an annuity five to six times greater than this Social Security benefit. But even a bank CD would produce a monthly payment that could double Social Security. There are other relevant points that anyone who has been following this debate can recite. With a private account this guy owns his money. Under Social Security, he doesn't even have a legal right to the benefit. Which is material because the government is constantly changing the rules. Can you imagine getting a letter from your bank or broker saying they are lowering the return on your investment because they can't afford to pay you what they promised? But, this is what is about to happen, again, with Social Security. Not only are the returns to taxpayers negative, but they are guaranteed, beyond any question, to get worse. The system is bankrupt and can only continue in its current form through some combination of tax increases and benefit cuts. Which will drive what individuals get for what they put in even further south. Why, then, does there seem to be a political consensus to save this monstrosity? Politicians will tell you it's because the American people want it. The polls say so. And indeed they do. But the fact is taxpayers support this status quo out of fear and not knowledge. Certainly, no sane individual would buy a program that has the personal investment economics that I just described. When President Bush proposed changing the program to one of ownership and private accounts, the Democratic Party launched major league into the politics of cynicism. The message that working Americans heard was that they would be kicked off a government program guaranteeing them a payment at retirement in exchange for taking their money and investing it in the stock market. Is it any wonder that many dived for cover? I call this the politics of cynicism because there is not a single Democratic senator or congressman who would purchase an insurance policy with the type of legal and economic realities of Social Security. Shut the door and one by one they know the truth. The Democrats' campaign to "save Social Security" has really been a campaign to save their own butts. To have endorsed the president's reform would have been an endorsement of a fundamental move away from welfare state politics that has been the bread and butter of the Democratic Party. Now, playing on fears and not the real interests of working Americans, and the inability of Republicans to stick to and sell their message, the Democrats have won. The real victims are the low and middle income Americans whose hard earned money is being sucked into this black hole that will only get deeper and blacker. This is happening while Democrats bewail wage and wealth stagnation at the lower end of our income spectrum. Is a Republican White House, for fear that it will look like it did nothing on Social Security, about to join Democrats in the ranks of the politics of cynicism? The Reagan era is still alive for this writer. Let's hope it's still alive in the Bush White House. Photo Copyright Getty Images Copyright Scripps Howard News Service 2006 you want Bush to "work" with you but you pick the things you your self think is stupid and nobody would do. you just want to make sure the service state stays in tact is how I read it but Im a stupid conservative. obviously not one of you read this....

I need help with my work so can someone please answer the following questions so i may compair.? 5. Ray Cupple bought a basic car costing $10,150.00, with options costing $738.00. There is a 6% sales tax in his state and a combined $50.00 license and registration fee. What was Ray's total cost? A. $10,938.00 B. $11,541.28 C. $11,547.00 D. $11,591.28 6. The Hamilton Brush Company issued 2,500 shares of common stock worth $100,000.00 total. What is the par value of each share? A. $25.00 B. $40.00 C. $400.00 D. $250.00 7. Which of the following is intended primarily to enhance a person's tax advantage and retirement income? A. U.S. Savings Bond B. Growth fund C. Money market fund D. IRA 8. A share of stock in the Bree Medical Supply Company is quoted at 35 1/4 . Suppose you hold 20 shares of that stock, which you bought at 31 1/2. If you sold your stock at 35 1/4, which of the following would be true? A. You made a profit of $75.00. B. You suffered a loss of $75.00. C. You made a profit of $705.00. D. You suffered a loss of $630.00. 9. What is the first step that a smart new-car buyer should take before talking to salespersons and putting a deposit on a car? A. Shop around for a car loan. B. Obtain car insurance. C. Study the car market. D. Test-drive the car. 10. Jane has a checkbook balance of $68.00. She then writes two checks, one for $5.00 and one for $62.50. She also deposits $75.00. She then uses her calculator to determine her new balance. Which of the following is the correct series of keys she should press? A. 6 8 + 7 5 - 5 - 6 2 . 5 0 B. ON/C 6 8 - 5 - 6 2 . 5 0 + 7 5 = C. 6 8 + 7 5 - 6 2 5 0 - 5 = D. ON/C 6 8 + 7 5 = 5 = 6 2 . 5 0 11. The Emerson First National Bank is lending you money to buy a new car. The loan agreement will probably state that you must carry _______ insurance. A. liability B. collision C. no-fault D. medical 12. On which of the following types of policies is it a certainty that the insurance company will have to make payment? (We have assumed that the policy has been kept current, payments have been made, and the insurance company remains in business.) A. Life insurance B. Comprehensive car insurance C. Medical insurance D. Liability insurance 13. The major difference between a calculator and a computer, when performing calculations, is that a A. calculator is faster but needs more human assistance. B. calculator is slower and needs more human assistance. C. computer is faster but needs more human assistance. D. computer is slower but needs less human assistance. 14. Your _______ should furnish enough money to live on, in an emergency, for six months. A. investments B. savings C. interest D. IRA 15. Which of the following best describes term life insurance? A. The insured is covered during his or her entire lifetime. B. The insured pays the premium until his or her death. C. The insured pays a premium for a specified number of years. D. The insured can borrow or collect the cash value of the policy. 16. All insurance is based on a principle called A. premium earnings. B. investment premiums. C. division of risk. D. cash value coverage. 17. In a health insurance policy, a statement that an applicant won't be covered for a certain pre-existing condition is called a/an A. exclusion. B. supplement. C. waiting period. D. major medical coverage. 18. The coverage included in an automobile insurance policy that covers property damage is _______ insurance. A. supplemental B. liability C. major medical D. term 19. A master plan is devised for A. emergencies. B. investments. C. short-term goals. D. long-range goals. 20. A _______ is invested by managers in a diversity of stocks, bonds, and other securities. A. series EE bond B. promissory note C. preferred stock D. mutual fund

Tax Questions, Including What could I expect for a tax return (Canada)? My status is as follows: Total income nearing December 2008, is rounded off to: $10,050 (That's Both jobs combined, mind you - I work two). My medical expenses, (Dental fees and Brace payments) after union reimbursement is about 1,2-$1,300 (Deductions combined from both jobs, excluding unions dues) EI: $300.00 deducted CPP: $360 Deducted Union Dues: $630.00 Deducted Income Tax(1): $610.00 FED Tax: $515.00 Donations: $30.00 Other Medical Expenses: $140.00 And addition of Canada's Work Taxing credit. Question 2-3. I also tried the TaxTip Calculator ( http://www.taxtips.ca/calculators/taxcalculator.htm ) but had trouble filling and figuring it out, as this is only my third year filing, I used H&R previous times, and haven't any tax experience. I earned just under $8,500 last year, claimed $1,200 in medical expenses and recieved just over $800.00 in my return, can I expect to attain the same with my status - if not more??) Question 4. I also would like to ask, on the taxtip Calculator, where is the option for Federal tax, and Income tax - are they the same thing? I notice on one of my paystubs it says Income tax, the other Federal tax..Different things? CPP is that all around the same thing - a form of retirement? Do they mean CPP in a general, as a whole - is CPP just the same deductions off all paychecks. For Gst, if you say 'Yes' and get the quarterly installments (I chose yes) what if you choose no? does it matter, will it benefit your return on the next years filing? Or do you get nothing, and choose it if eligable? I am sorry I have so many questions, I am a novice in the extreme and would REALLY appreciate feedback on any of my many questions stated. Thank you for your time, :)

Personal Finance! PLEASE Help!!!!! 10 points!!? a. most important part of a savings plan b. allows for a more secure future c. keeps you from overspending d. federal programs that provide retirement, disability, and life insurance benefits e. shows you how your savings will grow over a set period of time f. money owed g. designates what should happen to a person's wealth upon his/her death h. first roadblock to savings i. second roadblock to savings j. allows one to save money in a retirement fund before taxes 1. 401K (1 point) 2. Will (1 point) 3. Impatience (1 point) 4. Interest calculator (1 point) 5. Savings (1 point) 6. Debt (1 point) 7. Seasonal spending (1 point) 8. Social Security (1 point) 9. Budget (1 point) 10. Setting a goal for savings (1 point)

Invested in Vangd Target ret. fund - .19% fee; bank wants to move it to his - ann. acct fee of 1.35% compare? I rolled my 401(k) over into a Vanguard Targeted Retirement Fund...it's not doing real well! My banker wants me to move it into an actively traded account with him, I have the "proposal" with some 14 different funds he proposes to invest it in. He is charging me a "preferred customer" expense ratio of 1.35% annually, against the 0.19% annual fee at Vanguard, claiming he'll earn enough to offset the fees. I'm dubious. I can't find a good calculator to try to compare the proposals. I don't really know what I'm doing, but the "rule of thumb" that I see is actively traded funds with higher expense fees are not preferred, and the Vanguard funds seem to be pretty well regarded. Help!

Rare Coin Investing? I saw a book on Amazon.com about investing in rare coins for an early retirement. I won't mention the title, because I think it's against this site's Community Guidelines for me to ask whether or not you would recommend a product by name. But basically the book claims to teach you how, by investing about $210 a month in rare coins, you could make enough to retire in about a dozen years. It's not an easy task, because apparently it takes a lot of research to find a coin that will give you a good return on your investment. The book was published in 1998. I used AIER.org's Cost-of-Living Calculator to figure out that $210 in 1998 is worth about $265 today. Well, I don't know much about rare coin collecting and investing. Would you be able to tell me if rare coin investing could really enable you to retire in about a dozen years? Many thanks, C.L.

Am I really going to live till 102 years? I mean, you read this articles about retirement, and how you are supposed to spend nothing, but stash everything away. Well, following them, you must eat potatoes and drink tap water. Followed for three months, then went out, bought a piece of cheese and some apples. Felt very bad afterwards. Then found an age expectancy calculator there (msn money), and according to it I am going to live 102 years!! What, more 70 years of potatoes and tap water? What did I do, why did they make me to undergo it? It's so unfair; and the people who enjoy themselves will live short and do not even need to stash for 102 ages! Why is that virtue always got punished? It actually said "maximum life expectancy of 102 years or more"!!! more! More of potatoes to save for "retirement"!

What impact does leaving a good paying full time job for a part time job have on your SS Benefits.? I have been working full time for 20 years. My plan is to leave my job 2011 and work locally part time there after. Using the SS calculator at the SS Gov website shows my benefits to be pretty good at my current expected level of income even if I stop working 2011. But if my income in my new job is half that amount for the last 15 years before retirement would my SS benefit calulation be based on the new lower income amount? I would like to think I can return to the work force after my first career. Thanks.

Money Matters! (investment problems)? In this problem we will consider the financial fortunes of two young professionals, Max and Maria. Max and Maria each begin work at age 22 and will retire at age 65. (a) Maria prudently begins saving for retirement immediately, in- vesting $500 a month every month for her entire working career. If she earns a 7% annual return on her money, how much will she have when she retires? (b) Max waits until he turns 35 to begin saving for retirement. How much money does he need to invest each month (at the same rate of return as Maria) in order to have as much money as Maria when they retire? (c) Is there a moral to this story? (Note: There are all sorts of financial calculators on the internet that will give you the answers to these questions with no thinking involved. Show enough work to show you reasoned through the process yourself and did not let a machine do it for you.)