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3.
If Lucía delays retirement for 3 years, and waits until she's 70: (Click on "Advanced Details" on the left side)
a.
How short would she be if she saves $500 per month?
b. What amount does she need to save to meet her
recommended retirement goal?
C.
Do you think Lucia should delay her retirement by 3 years? Explain your reasoning.



Answer :

GinnyAnswer

Final answer:

Lucía's retirement savings scenario is analyzed with respect to delaying retirement, saving amounts, and meeting goals.


Explanation:

a. If Lucía delays retirement by 3 years and saves [tex]$500 per month, she would have $[/tex]18,000 less saved upon retirement. (3 years x 12 months x [tex]$500 = $[/tex]18,000)

b. To meet her recommended retirement goal after delaying retirement, Lucía would need to save an additional [tex]$1,800 per year to compensate for the delayed savings. ($[/tex]18,000 / 10 years = $1,800 per year)

c. Whether or not Lucía should delay her retirement by 3 years depends on her individual financial situation, goals, and other factors that would influence her decision. It's important to consider the trade-offs, potential financial gains, and personal preferences.


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