(Planning for Retirement MC)

A social worker will retire in two years, after 20 years of service, with an average wage of $70,000. For retirement, the social worker wants to have enough saved to have a monthly income of $4,666.67 per month. The company offers a 1.8% per year of service pension plan. Will the social worker's monthly pension payment be enough to meet their retirement goal?

No, the monthly pension payment will be $2,566.67 lower than the goal.
Yes, the monthly pension payment will be $2,566.67 higher than the goal.
No, the monthly pension payment will be $2,100.00 lower than the goal.
Yes, the monthly pension payment will be $2,100.00 higher than the goal.

Question

(Planning for Retirement MC)

A social worker will retire in two years, after 20 years of service, with an average wage of $70,000. For retirement, the social worker wants to have enough saved to have a monthly income of $4,666.67 per month. The company offers a 1.8% per year of service pension plan. Will the social worker's monthly pension payment be enough to meet their retirement goal?

No, the monthly pension payment will be $2,566.67 lower than the goal.
 Yes, the monthly pension payment will be $2,566.67 higher than the goal.
 No, the monthly pension payment will be $2,100.00 lower than the goal.
 Yes, the monthly pension payment will be $2,100.00 higher than the goal.

urlocalgay · Answer

So I believe ti would be, the social worker's company pension yields a yearly total of $25,200, or $2,100 per month. This is $2,566.67 less than their target retirement income of $4,666.67 per month.

TheJag18 · Answer

100% :) :) :)