Bob’s Retirement Plan
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This document outlines Bob's retirement plan, including data assumptions about his current age, salary, retirement fund, and planned retirement age. It models three scenarios for Bob's retirement income and savings based on different inflation, return on investment, and contribution rates. The best scenario results in a retirement income of $58,048 at age 65, while the worst scenario provides only $27,415 at the same age. A sensitivity analysis shows retirement age as the most influential parameter. The recommendations suggest increasing Bob's retirement age to 70 and adjusting other rates and contributions to help ensure his savings last until age 101.
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This document summarizes Bob's retirement plan using various assumptions about retirement age, income growth, investment returns, and savings. The model examines different scenarios such as a base case, worst case, and variable retirement age. It shows results like the age Bob runs out of money and his post-retirement income as a percentage of his final salary. A sensitivity analysis identifies the most influential factors. The recommendations are to delay retirement as long as possible, obtain higher investment returns, and adjust the percentage of income needed in retirement.
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Bob’s Retirement Plan
- 1. Bob’s Retirement Plan YOUR PROFESSIONAL CONSULTANTS Abdullah Bin Gubair T00526044
- 2. Data and Assumptions Data Current Age (50) Retirement Age (65) CPI Rate (1%) Postretirement income 50% of final salary Rate on return /year up to retirement (5%) Rate on return/ year after retirement (3%) Current Retirement fund ($150,000) College % invested (10%) Current Salary ($100,000) Bob’s Annual Contribution ($7,500) Assumptions No other source of income CPI rate for worst scenario is 0% and for the best one is 2.5% Rate of return up to retirement for worst scenario is 0% and for the best one is 10% Rate of return after retirement for the worst scenario is 0% and for best scenario is 7% College % invested 0% for worst scenario and 20% for the best one.
- 3. Retirement Age 65 CPI Rate 3% Postretirement Income % 50% Rate of ROI up to retirement 10% Rate of ROI after retirement 7% College % Invested 20% Your Annual Contribution $7,500 Retirement Age 50 CPI Rate 0% Postretirement Income % 50% Rate of ROI up to retirement 0% Rate of ROI after retirement 0% College % Invested 0% Your Annual Contribution $7,500 Constructing the Model Retirement Age 65 CPI Rate 1% Postretirement Income 50% Rate of ROI up to retirement 5% Rate of ROI after retirement 3% College % Invested 10% Your Annual Contribution $7,500 Scenarios Bob's
- 4. 101 • After retirement income $27,415 • Retirement Age 65 82 • After retirement income $58,048 • Retirement Age 65 72 • After retirement income $50,000 • Retirement Age 70 Best Scenario Bob's worst scenario Results Age Run out of $
- 5. 68.00 73.00 78.00 83.00 88.00 93.00 Retirement age Postretirement Income (% of his final salary) Bob's Annual Contribution Output Measure Parameter Tornado Sensitivity Chart -10 Pct +10 Pct Sensitivity Analysis Retirement age Age no $ 51 85 52 57 53 59 54 61 55 62 56 64 57 66 58 68 59 70 60 72 61 74 62 76 63 78 64 80 65 82 66 85 67 87 68 89 69 92 70 94 71 97 72 100 73 101 74 101 75 101
- 6. Recommendations Retirement Age 70 CPI Rate 1% Postretirement Income 45% Rate of ROI up to retirement 5% Rate of ROI after retirement 4% College % Invested 10% Your Annual Contribution $6,500 Retirement Age Annual Contribution Income after retirement controllable Run out of Money at age 101