Strayer Fin100 Week 6 Homework
Bob and Lisa are both married, working
adults. They both plan for retirement and consider the $2,000 annual
contribution a must.
First, consider Lisa’s savings. She began
working at age 20 and began making an annual contribution of $2,000 at the
first of the year beginning with her first year. She makes 13 contributions.
She worked until she was 32 and then left full time work to have children and
be a stay at home mom. She left her IRA invested and plans to begin drawing
from her IRA when she is 65.
Bob started his IRA at age 32. The first 12
years of his working career, he used his discretionary income to buy a home,
upgrade the family cars, take vacations, and pursue his golfing hobby. At age
32, he made his first $2,000 contribution to an IRA, and contributed $2,000
every year up until age 65, a total of 33 years / contributions. He plans to
retire at age 65 and make withdrawals from his IRA.
Both IRA accounts grow at a 7% annual rate.
Do not consider any tax effect.
Write a two to three (2-3) paragraph
summary in which you:
Create a chart summarizing the details of
the investment for both Bob and Lisa.
Explain the results in terms of time value
of money.
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