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stiks02 [169]
3 years ago
13

Jon, age 48, earns $65,000 per year from his employer. Jon saves $15,000 per year for retirement and pays $12,000 per year for h

is home mortgage. Given this information and considering that Jon will have eliminated his mortgage debt before retirement, what is Jon's expected wage replacement ratio during retirement?
Business
1 answer:
nikitadnepr [17]3 years ago
5 0

Answer:

50.81%

Explanation:

Wage replacement ratio is used to determine how much money an individual will need in retirement, tool for estimating retirement income needs.

Figures given:

Salary:$65,000 per year

Savings: $15000

Mortgage:$12,000

Solution

Salary: $65,000 ---⇒100%

Saving:$15000   --⇒23.8%

Tax:$4972.50     --⇒7.65%

Mortgage: $12,000 --⇒18.476%

                 $33027.50 = 50.81%

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