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# Retirement savings assignment excel workbook

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Part 1 Scenario:A13:C48
Today is your 21st birthday, you just started a new job and you are planning to save for
retirement. You plan to save a percent of your salary each year through age 64, quit your
job on your 65th birthday, then begin withdrawing that day and each year thereafter. Your
salary is expected to increase each year by the rates in column D on the Starter sheet
so the amount saved each year will be growing. Inflation will impact the rate you earn as
well as purchasing power so you will need to express some of the future amounts in real
(or today's) dollars. Once you retire the amount you withdraw each year needs to be able
to purchase the same amount as $90,000 would today. Assume all cash flows are at
year end. Ignore taxes. To simplify assume that your salary is paid annually in a lump
sum after working for one year.
Of course if you knew the rate you would earn each year on your account and the age at
which you would die you could easily calculate how much to save for any size
withdrawal. But in reality you do not know these annually compounded rates and must
estimate them. You may assume each year's rate is normally distributed with the
parameters listed on the Starter sheet and independent of (not dependent on) any other
year's rate. Also assume that the rates given are annually compounded rates.
Modify the Starter sheet to simulate 10,000 times the age to which you will be able to
continue the withdrawals, understanding that you may eventually run out of money! The
Starter sheet shows ages 21-121 by which time you will likely be long gone from this
world. Cells with "XXXXX" must be replaced with formulas. Use empty cells on the
starter sheet in column L to help impute the approximate age (years and fraction of year)
you run out of money (ex. 77.6215). Assume that this age cannot be larger than 121.
L111 should be replaced with a formula to show what year (and fraction) your money ran
out. Note that L111 should be less than or equal to 121. You will need to create a way to
determine to what age your money will last. Assume that your balance earns a rate of
return only if it is invested for the entire year. If there is only enough money for a partial
withdrawal in the last year that your money runs out then adjust age proportionately, i.e.
half a payment lasts half a year. Hint: Use cells in L53:L110 for intermediate calculations
using an IF function.
Read the section below describing the Fisher equation to help with inflation calculations. If
you use the Fisher equation be sure to use the exact formula and not the approximation.
Double check all of your calculations. One way to do this would be to use different formulas
in another workbook along with some common sense about what is reasonable.
Build the simulation table at the bottom of the Starter sheet. After completing the
simulation, show (in the purple fill range at the top right of the Starter sheet) a formula to
calculate the average, minimum and maximum age at which your money ran out based
on the 10,000 results. Show in O2:O5 the 5, 10, 50 and 75 percentile ages using the
PERCENTILE.INC function and 10,000 simulated ages. M2:M4 should have formulas
to show statistics for the 10,000 values simulated.
Now, rerun the simulation six times by changing C6 and show in the yellow-fill region in
L7:Q7 the 10%ile age for the six different percentages saved (L6:Q6). Replace each
"???" with VALUES (NOT formulas) with as many decimals as the simulation produces.
When finished with this step replace C6 with the original value of 15.0%.
Assume that your 10,000 simulated ages are representative of what might happen in the
future. In M12:R29 below Part 1 on the Starter sheet carefully explain the meaning of the
10 percentile age shown in O3 when 15% of salary is saved. Target your explanation to
an English major with no understanding of Finance asking you how long their money
might last in retirement.
Part 2
For this part you will need to use the model you built in Part 1, changing only the
formulas in column G (to reference new mean and standard deviations) and A115. You
will need to add a few formulas in the gray workspace (V43:AD76). Carefully label any
new entries in this workspace.
Assume now that you divide your portfolio into two pieces, the risky part (stocks, equity
funds, hedge funds, options, futures, etc.) and the riskless part (T-bills, guaranteed rate
investments, etc. having no risk). This strategy is consistent with the two-fund separation
result of the Markowitz model we discussed in class. If you have difficulty completing the
tasks below review the Ch 8 Edited workbook and associated lectures.
The weights on the risky portfolio part will be between 1% and 100%. Use the assumptions
in R36:R40 for the following. Run 24 simulations to determine the value of your
retirement portfolio in today's dollars (i.e., deflated) at age 65 immediately before the first
withdrawal. For each simulation change the balance of your portfolio using the weights in
the green fill table along with the different percentiles shown. Be sure to adjust the
portfolio expected return (simulated in column G) and standard deviation for each
simulation run. As you fill in the table "XXXXX"s with values (NOT formulas) from the
simulations the chart below the graph will automatically adjust to display the results.
Below the graph in the blue fill region explain how you would use it to determine the best
balance of the risky and riskless parts of your portfolio. What weights would you use to
form your portfolio and why? Answer using a technical writing style - precise, short on
adverbs and adjectives, and economical in the use of words.
Lastly, if you had the option to invest in any Vanguard fund as the risky part of your
retirement portfolio which fund or funds would you pick? Why? Answer in the region
provided on the Starter sheet. Vanguard funds can be seen at
https://investor.vanguard.com/home

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##### Additional Instructions:

Assignment
RETIREMENT SAVINGS ASSIGNMENT
Remember that this assignment is to be entirely your own work and that collaboration
with others in completing any aspect of the assignment is not allowed. As a last step in
this workbook, copy the Certification sheet into this workbook from the last assignment
and complete it to indicate whether you conformed to this requirement.
Do not insert/delete rows, columns or sheets. Do not move cells with formulas or
values. Doing any of these will make your workbook unacceptable with a commensurate
grade. Formats for cells that are not empty should not be changed. The chart format and
options should not be changed. Be sure to read all of the comments attached to
red-flagged cells - they are meant to be helpful.
Part 1 Scenario:A13:C48
Today is your 21st birthday, you just started a new job and you are planning to save for
retirement. You plan to save a percent of your salary each year through age 64, quit your
job on your 65th birthday, then begin withdrawing that day and each year thereafter. Your
salary is expected to increase each year by the rates in column D on the Starter sheet
so the amount saved each year will be growing. Inflation will impact the rate you earn as
well as purchasing power so you will need to express some of the future amounts in real
(or today's) dollars. Once you retire the amount you withdraw each year needs to be able
to purchase the same amount as $90,000 would today. Assume all cash flows are at
year end. Ignore taxes. To simplify assume that your salary is paid annually in a lump
sum after working for one year.
Of course if you knew the rate you would earn each year on your account and the age at
which you would die you could easily calculate how much to save for any size
withdrawal. But in reality you do not know these annually compounded rates and must
estimate them. You may assume each year's rate is normally distributed with the
parameters listed on the Starter sheet and independent of (not dependent on) any other
year's rate. Also assume that the rates given are annually compounded rates.
Modify the Starter sheet to simulate 10,000 times the age to which you will be able to
continue the withdrawals, understanding that you may eventually run out of money! The
Starter sheet shows ages 21-121 by which time you will likely be long gone from this
world. Cells with "XXXXX" must be replaced with formulas. Use empty cells on the
starter sheet in column L to help impute the approximate age (years and fraction of year)
you run out of money (ex. 77.6215). Assume that this age cannot be larger than 121.
L111 should be replaced with a formula to show what year (and fraction) your money ran
out. Note that L111 should be less than or equal to 121. You will need to create a way to
determine to what age your money will last. Assume that your balance earns a rate of
return only if it is invested for the entire year. If there is only enough money for a partial
withdrawal in the last year that your money runs out then adjust age proportionately, i.e.
half a payment lasts half a year. Hint: Use cells in L53:L110 for intermediate calculations
using an IF function.
Read the section below describing the Fisher equation to help with inflation calculations. If
you use the Fisher equation be sure to use the exact formula and not the approximation.
Double check all of your calculations. One way to do this would be to use different formulas
in another workbook along with some common sense about what is reasonable.
Build the simulation table at the bottom of the Starter sheet. After completing the
simulation, show (in the purple fill range at the top right of the Starter sheet) a formula to
calculate the average, minimum and maximum age at which your money ran out based
on the 10,000 results. Show in O2:O5 the 5, 10, 50 and 75 percentile ages using the
PERCENTILE.INC function and 10,000 simulated ages. M2:M4 should have formulas
to show statistics for the 10,000 values simulated.
Now, rerun the simulation six times by changing C6 and show in the yellow-fill region in
L7:Q7 the 10%ile age for the six different percentages saved (L6:Q6). Replace each
"???" with VALUES (NOT formulas) with as many decimals as the simulation produces.
When finished with this step replace C6 with the original value of 15.0%.
Assume that your 10,000 simulated ages are representative of what might happen in the
future. In M12:R29 below Part 1 on the Starter sheet carefully explain the meaning of the
10 percentile age shown in O3 when 15% of salary is saved. Target your explanation to
an English major with no understanding of Finance asking you how long their money
might last in retirement.
Part 2
For this part you will need to use the model you built in Part 1, changing only the
formulas in column G (to reference new mean and standard deviations) and A115. You
will need to add a few formulas in the gray workspace (V43:AD76). Carefully label any
new entries in this workspace.
Assume now that you divide your portfolio into two pieces, the risky part (stocks, equity
funds, hedge funds, options, futures, etc.) and the riskless part (T-bills, guaranteed rate
investments, etc. having no risk). This strategy is consistent with the two-fund separation
result of the Markowitz model we discussed in class. If you have difficulty completing the
tasks below review the Ch 8 Edited workbook and associated lectures.
The weights on the risky portfolio part will be between 1% and 100%. Use the assumptions
in R36:R40 for the following. Run 24 simulations to determine the value of your
retirement portfolio in today's dollars (i.e., deflated) at age 65 immediately before the first
withdrawal. For each simulation change the balance of your portfolio using the weights in
the green fill table along with the different percentiles shown. Be sure to adjust the
portfolio expected return (simulated in column G) and standard deviation for each
simulation run. As you fill in the table "XXXXX"s with values (NOT formulas) from the
simulations the chart below the graph will automatically adjust to display the results.
Below the graph in the blue fill region explain how you would use it to determine the best
balance of the risky and riskless parts of your portfolio. What weights would you use to
form your portfolio and why? Answer using a technical writing style - precise, short on
adverbs and adjectives, and economical in the use of words.
Lastly, if you had the option to invest in any Vanguard fund as the risky part of your
retirement portfolio which fund or funds would you pick? Why? Answer in the region
provided on the Starter sheet. Vanguard funds can be seen at
https://investor.vanguard.com/home
When finished be sure that the workbook calculation method is set to "Automatic except
for data tables" and the file size is less than 1000Kb. Reset ALL of the input values (Blue
font cells) in columns C and D to their original values. DELETE THE DATA TABLE
ARRAY FUNCTIONS IN THE SIMULATION TABLE! (The formulas in M2:M4 and O2:O5
should now show no results, but do not delete them!) Just before saving your final
version, end in each sheet by selecting cell A1 and zoom the view to neutral (middle of
slider). Save the workbook with the Starter sheet active. Upload the completed workbook
(###LastName.xlsm) in Blackboard.
Grading (approximate breakdown):
10 Part 1 short answer
55 Part 1 formulas
10 Part 2 short answer
25 Part 2 formulas
Grading Deductions:
-5 Wrong File Name or File > 1000Kb
-10 Not resetting inputs or not deleting Data Table Array Functions
-30 Late
Starter
Retirement Savings Class #
Ritchey, R: Put your 3-digit Class Number in this cell! Name
Ritchey, R: Put your last name in this cell! Age Savings Depleted --> Age Age
$ 60,000
Ritchey, R: For this assignment do not change this input value!
Ritchey, R: Put your 3-digit Class Number in this cell!
Ritchey, R: Put your last name in this cell! Starting Salary Mean of 10,000 Observations ???
Ritchey, R: Put a formula in this cell! ???
Ritchey, R: Put a formula in this cell!
The 5 percentile is the value below which 5% of the simulated values are found! <-- 5 percentile
7.50% Expected Annual Nominal Rate of Return on Portfolio Minimum ???
Ritchey, R: Put a formula in this cell! ???
Ritchey, R: Put a formula in this cell! <-- 10 percentile
17.00% Standard Deviation of Annual Rate of Return on Portfolio Maximum ???
Ritchey, R: Put a formula in this cell! ???
Ritchey, R: Put a formula in this cell! <-- 50 percentile
1.89% Annual Inflation Rate ???
Ritchey, R: Put a formula in this cell! <-- 75 percentile
15.00% Proportion of Each Year's Salary Saved (Deposited End of Year) <-- % Saved --> 10.0% 12.5% 15.0% 17.5% 20.0% 22.5%
$ 90,000
Ritchey, R: For this assignment do not change this input value! REAL Value (in today's dollars) of Withdrawals After Retirement 10%ile Age --> ???
Ritchey, R: Paste 50%ile Age from simulation using % Saved in cell above into this cell as a VALUE (with all decimals). ???
Ritchey, R: Paste 50%ile Age from simulation using % Saved in cell above into this cell as a VALUE (with all decimals). ???
Ritchey, R: Paste 50%ile Age from simulation using % Saved in cell above into this cell as a VALUE (with all decimals). ???
Ritchey, R: Paste 50%ile Age from simulation using % Saved in cell above into this cell as a VALUE (with all decimals). ???
Ritchey, R: Paste 50%ile Age from simulation using % Saved in cell above into this cell as a VALUE (with all decimals). ???
Ritchey, R: Paste 50%ile Age from simulation using % Saved in cell above into this cell as a VALUE (with all decimals).
Year End Age on B-Day End of Year Salary Growth Rate
Ritchey, R: Rate at which actual salary (not salary in real dollars!) grows each year. Deposits from Salary (End of Year)
Ritchey, R: Deposits made at end of year from designated percent of salary. Withdrawals (End of Year)
Ritchey, R: Withdrawals made at end of year. Simulated Rate of Return on Account
Ritchey, R: Rate earned from Balance at end of previous year. Account Balance (End of Year)
Ritchey, R: Balance AFTER End of Year Deposit, Withdrawal and Earnings. Account Balance in Real Dollars
Ritchey, R: Actual balance in column to the left deflated to time zero. Withdrawal in Real Dollars
Ritchey, R: Withdrawal amounts deflated to time zero. Salary in Real Dollars
Ritchey, R: Actual salary deflated to time zero.
0 21 5/9/21
Ritchey, R: Today's Date
Ritchey, R: Deposits made at end of year from designated percent of salary.
Ritchey, R: Withdrawals made at end of year.
Ritchey, R: Put a formula in this cell!
Ritchey, R: Rate earned from Balance at end of previous year. 0
Ritchey, R: Starting Balance of Account. This is an input cell to accommodate situations in which the starting amount is greater than zero. XXX PART 1 Complete the model to the left by replacing "XXX" with formulas.
1 22 5/9/22 9,000 0 XXX
Ritchey, R: You earn this rate on the balance one row above. XXX XXX 0 XXX
Ritchey, R: Your salary is paid annually. This is the deflated (real) value of your first paycheck at time zero. Use simulation to replace "???" in the table above with values.
2 23 5/9/23 4%
Ritchey, R: Your second paycheck increases by this rate.
Ritchey, R: Put a formula in this cell!
Ritchey, R: Balance AFTER End of Year Deposit, Withdrawal and Earnings.
Ritchey, R: Put a formula in this cell!
The 5 percentile is the value below which 5% of the simulated values are found!
Ritchey, R: Put a formula in this cell!
Ritchey, R: Actual balance in column to the left deflated to time zero.
Ritchey, R: Starting Balance of Account. This is an input cell to accommodate situations in which the starting amount is greater than zero.
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Put a formula in this cell!
Ritchey, R: Withdrawal amounts deflated to time zero. XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Put a formula in this cell!
Ritchey, R: Paste 50%ile Age from simulation using % Saved in cell above into this cell as a VALUE (with all decimals).
Ritchey, R: Actual salary deflated to time zero. XXX XXX 0 XXX Carefully explain the significance of the 10 percentile age (O3) below.
3 24 5/9/24 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Put a formula in this cell!
Ritchey, R: Paste 50%ile Age from simulation using % Saved in cell above into this cell as a VALUE (with all decimals). XXX XXX 0 XXX <-- Your explanation should be logical and
4 25 5/9/25 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Paste 50%ile Age from simulation using % Saved in cell above into this cell as a VALUE (with all decimals).
Ritchey, R: Your salary is paid annually. This is the deflated (real) value of your first paycheck at time zero. XXX XXX 0 XXX carefully worded. Target your explanation to a
5 26 5/9/26 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Paste 50%ile Age from simulation using % Saved in cell above into this cell as a VALUE (with all decimals). XXX XXX 0 XXX fellow graduating student majoring in English.
6 27 5/9/27 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Paste 50%ile Age from simulation using % Saved in cell above into this cell as a VALUE (with all decimals). XXX XXX 0 XXX Justify the text to fit in the blue-fill area to the left.
7 28 5/9/28 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Paste 50%ile Age from simulation using % Saved in cell above into this cell as a VALUE (with all decimals). XXX XXX 0 XXX A good answer can be made in one simple to the
8 29 5/9/29 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above. XXX XXX 0 XXX point sentence. The answer should convey an
9 30 5/9/30 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above. XXX XXX 0 XXX understanding of how the value in cell O3 might
10 31 5/9/31 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above. XXX XXX 0 XXX be interpreted as it relates to an individual's
11 32 5/9/32 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above. XXX XXX 0 XXX retirement portfolio.
12 33 5/9/33 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above. XXX XXX 0 XXX
13 34 5/9/34 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above. XXX XXX 0 XXX
14 35 5/9/35 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above. XXX XXX 0 XXX
15 36 5/9/36 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above. XXX XXX 0 XXX
16 37 5/9/37 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above. XXX XXX 0 XXX
17 38 5/9/38 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above. XXX XXX 0 XXX
18 39 5/9/39 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above. XXX XXX 0 XXX
19 40 5/9/40 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above. XXX XXX 0 XXX
20 41 5/9/41 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above. XXX XXX 0 XXX
21 42 5/9/42 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above. XXX XXX 0 XXX
22 43 5/9/43 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above. XXX XXX 0 XXX PART 2 Assume your retirement portfolio is invested in two parts: Risky and Riskless.
23 44 5/9/44 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above. XXX XXX 0 XXX All of the assumptions in the Markowitz Mean-Variance Model are satisfied.
24 45 5/9/45 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above. XXX XXX 0 XXX Deflated Portfolio Value (Before Withdrawal) at Age 65 Complete the table to the left using the input values listed below.
25 46 5/9/46 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above. XXX XXX 0 XXX 15% of Salary Saved (each row simulated 10,000 times) Replace "XXXXX" with simulated values showing portfolio value for different
26 47 5/9/47 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above. XXX XXX 0 XXX % in Risky
Ritchey, R: When 1% is invested in the "Market" 99% is invested in riskless securities. 5 percentile 10 percentile 50 percentile 75 percentile percentages invested in risky assets at different percentiles.
27 48 5/9/48 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above. XXX XXX 0 XXX 1% XXXXX
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal. XXXXX
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal. XXXXX
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal. XXXXX
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal. 7.50% Expected Annual Rate of Return on Risky Portion of Portfolio
28 49 5/9/49 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above. XXX XXX 0 XXX 20% XXXXX
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal. XXXXX
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal. XXXXX
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal. XXXXX
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal. 1.63% Annual Nominal Rate of Return on Riskless Portion of Portfolio
29 50 5/9/50 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above. XXX XXX 0 XXX 40% XXXXX
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal. XXXXX
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal. XXXXX
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal. XXXXX
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal. 17.00% Standard Deviation of Annual Rate of Return on Risky Portion of Portfolio
30 51 5/9/51 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above. XXX XXX 0 XXX 60% XXXXX
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal. XXXXX
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal. XXXXX
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal. XXXXX
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal. 1.89% Annual Inflation Rate
31 52 5/9/52 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: When 1% is invested in the "Market" 99% is invested in riskless securities. XXX XXX 0 XXX 80% XXXXX
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal. XXXXX
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal. XXXXX
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal. XXXXX
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal. 15.00% Proportion of Each Year's Salary Saved (Deposited End of Year)
32 53 5/9/53 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above. XXX XXX 0 XXX 100% XXXXX
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal. XXXXX
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal. XXXXX
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal. XXXXX
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal.
33 54 5/9/54 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal. XXX XXX 0 XXX
34 55 5/9/55 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal.
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal. XXX XXX 0 XXX WORKSPACE FOR PART 2
35 56 5/9/56 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal.
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal.
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal. XXX XXX 0 XXX
36 57 5/9/57 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal.
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal.
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal.
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal. XXX XXX 0 XXX
37 58 5/9/58 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal.
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal.
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal.
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal. XXX XXX 0 XXX
38 59 5/9/59 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal.
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal.
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal.
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal. XXX XXX 0 XXX
39 60 5/9/60 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal.
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal.
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal. XXX XXX 0 XXX
40 61 5/9/61 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal.
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal. XXX XXX 0 XXX
41 62 5/9/62 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Retirement portfolio value in today's dollars at age 65 immediately before first withdrawal. XXX XXX 0 XXX
42 63 5/9/63 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above. XXX XXX 0 XXX
43 64 5/9/64 4% XXX 0 XXX
Ritchey, R: You earn this rate on the balance one row above. XXX XXX 0 XXX
44 65 5/9/65 -100% XXX XXX
Ritchey, R: Retirement withdrawals start here.
Actual dollar value of withdrawal having a real value in today's dollars of the amount in C7. XXX
Ritchey, R: You earn this rate on the balance one row above. XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
45 66 5/9/66 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above. XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
46 67 5/9/67 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
47 68 5/9/68 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
48 69 5/9/69 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
49 70 5/9/70 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
50 71 5/9/71 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
51 72 5/9/72 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
52 73 5/9/73 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
53 74 5/9/74 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
54 75 5/9/75 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
55 76 5/9/76 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
56 77 5/9/77 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
57 78 5/9/78 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
58 79 5/9/79 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
59 80 5/9/80 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
60 81 5/9/81 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
61 82 5/9/82 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
62 83 5/9/83 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
63 84 5/9/84 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
64 85 5/9/85 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
65 86 5/9/86 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
66 87 5/9/87 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
67 88 5/9/88 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
68 89 5/9/89 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
69 90 5/9/90 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
70 91 5/9/91 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0 What does the table and graph above suggest as to how you might form your retirement portfolio? Why?
71 92 5/9/92 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0 <-- Your explanation should be logical and
72 93 5/9/93 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0 carefully worded. Justify the text to fit in the
73 94 5/9/94 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0 blue-fill area to the left.
74 95 5/9/95 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
75 96 5/9/96 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
76 97 5/9/97 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
77 98 5/9/98 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
78 99 5/9/99 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
79 100 5/9/00 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
80 101 5/9/01 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
81 102 5/9/02 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
82 103 5/9/03 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
83 104 5/9/04 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
84 105 5/9/05 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
85 106 5/9/06 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
86 107 5/9/07 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0 Which Vanguard funds would you pick to represent the risky portion of your portfolio? Why?
87 108 5/9/08 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0 <-- Your explanation should be logical and
88 109 5/9/09 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0 carefully worded. Justify the text to fit in the
89 110 5/9/10 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0 blue-fill area to the left.
90 111 5/9/11 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
91 112 5/9/12 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
92 113 5/9/13 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
93 114 5/9/14 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
94 115 5/9/15 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
95 116 5/9/16 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
96 117 5/9/17 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
97 118 5/9/18 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
98 119 5/9/19 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
99 120 5/9/20 -100% XXX XXX XXX
Ritchey, R: You earn this rate on the balance one row above. XXX XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
100 121 5/9/21 -100% XXX XXX
Ritchey, R: Last withdrawal deplets account.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX
Ritchey, R: You earn this rate on the balance one row above.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX
Ritchey, R: Last withdrawal deplets account.
Ritchey, R: Use a discounting formula to show that this amount equals C7! XXX XXX
Ritchey, R: Use a discounting formula to show that this amount equals C7! - 0
Age money ran out! -->
Ritchey, R: Do not round! XXX
<--Dummy1 Do all of your simulatioins using the table below.
<--Dummy2
1 2 3 4 5 6 7 8 9 10
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
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273
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304
305
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
335
336
337
338
339
340
341
342
343
344
345
346
347
348
349
350
351
352
353
354
355
356
357
358
359
360
361
362
363
364
365
366
367
368
369
370
371
372
373
374
375
376
377
378
379
380
381
382
383
384
385
386
387
388
389
390
391
392
393
394
395
396
397
398
399
400
401
402
403
404
405
406
407
408
409
410
411
412
413
414
415
416
417
418
419
420
421
422
423
424
425
426
427
428
429
430
431
432
433
434
435
436
437
438
439
440
441
442
443
444
445
446
447
448
449
450
451
452
453
454
455
456
457
458
459
460
461
462
463
464
465
466
467
468
469
470
471
472
473
474
475
476
477
478
479
480
481
482
483
484
485
486
487
488
489
490
491
492
493
494
495
496
497
498
499
500
501
502
503
504
505
506
507
508
509
510
511
512
513
514
515
516
517
518
519
520
521
522
523
524
525
526
527
528
529
530
531
532
533
534
535
536
537
538
539
540
541
542
543
544
545
546
547
548
549
550
551
552
553
554
555
556
557
558
559
560
561
562
563
564
565
566
567
568
569
570
571
572
573
574
575
576
577
578
579
580
581
582
583
584
585
586
587
588
589
590
591
592
593
594
595
596
597
598
599
600
601
602
603
604
605
606
607
608
609
610
611
612
613
614
615
616
617
618
619
620
621
622
623
624
625
626
627
628
629
630
631
632
633
634
635
636
637
638
639
640
641
642
643
644
645
646
647
648
649
650
651
652
653
654
655
656
657
658
659
660
661
662
663
664
665
666
667
668
669
670
671
672
673
674
675
676
677
678
679
680
681
682
683
684
685
686
687
688
689
690
691
692
693
694
695
696
697
698
699
700
701
702
703
704
705
706
707
708
709
710
711
712
713
714
715
716
717
718
719
720
721
722
723
724
725
726
727
728
729
730
731
732
733
734
735
736
737
738
739
740
741
742
743
744
745
746
747
748
749
750
751
752
753
754
755
756
757
758
759
760
761
762
763
764
765
766
767
768
769
770
771
772
773
774
775
776
777
778
779
780
781
782
783
784
785
786
787
788
789
790
791
792
793
794
795
796
797
798
799
800
801
802
803
804
805
806
807
808
809
810
811
812
813
814
815
816
817
818
819
820
821
822
823
824
825
826
827
828
829
830
831
832
833
834
835
836
837
838
839
840
841
842
843
844
845
846
847
848
849
850
851
852
853
854
855
856
857
858
859
860
861
862
863
864
865
866
867
868
869
870
871
872
873
874
875
876
877
878
879
880
881
882
883
884
885
886
887
888
889
890
891
892
893
894
895
896
897
898
899
900
901
902
903
904
905
906
907
908
909
910
911
912
913
914
915
916
917
918
919
920
921
922
923
924
925
926
927
928
929
930
931
932
933
934
935
936
937
938
939
940
941
942
943
944
945
946
947
948
949
950
951
952
953
954
955
956
957
958
959
960
961
962
963
964
965
966
967
968
969
970
971
972
973
974
975
976
977
978
979
980
981
982
983
984
985
986
987
988
989
990
991
992
993
994
995
996
997
998
999
1000
Portfolio Value (Today's Dollars) at Age 65
5 percentile 0.01 0.2 0.4 0.6 0.8 1 0 0 0 0 0 0 10 percentile 0.01 0.2 0.4 0.6 0.8 1 0 0 0 0 0 0 50 percentile 0.01 0.2 0.4 0.6 0.8 1 0 0 0 0 0 0 75 percentile 0.01 0.2 0.4 0.6 0.8 1 0 0 0 0 0 0 Amount of Portfolio Invested in Market
Retirement Portfolio Value Age 65 in Today's Dollars

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