The Johnson's earned $50,000 the year before they retired. They plan on living on 80 percent of this income during retirement. If their Social Security check is for $1,200 per month, how much additional income per year do they need?

Hey, can anyone help me with this? I already submitted my previous answer and was way off, but I was hoping someone could explain how to properly solve this problem.

Question

The Johnson's earned $50,000 the year before they retired. They plan on living on 80 percent of this income during retirement. If their Social Security check is for $1,200 per month, how much additional income per year do they need?

Hey, can anyone help me with this? I already submitted my previous answer and was way off, but I was hoping someone could explain how to properly solve this problem.

anonymous · Answer

80% of 50,000 is 
.80*50000=40,000 if that helps at all. I don't really knw what to do after that but I assumer you subtract 1200 from 40,000 and go from there. Sorry I couldn't be more of a help...