John is currently age 37. His retirement savings consist of $26,000 in a 401(k). His annual...
John is currently age 37. His retirement savings consist of $26,000 in a 401(k). His annual salary is $75,000. He has an appropriate amount of savings based on the investment assets to gross pay benchmark.
True or False?
Homework Answers
False
His investment assets should be 1.6 to 1.8 times the salary. The assets are less than even the annual salary. Hence the savings are not sufficient.
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John is currently age 37. His retirement savings consist of
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