StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Comparative Income - Essay Example

Cite this document
Summary
From the paper "Comparative Income" it is clear that the class enabled me to be more discerning and evaluative; as well as to look at things in a more professional and objective manner. The lessons learned from this class are highly beneficial for current and future needs…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER99% of users find it useful
Comparative Income
Read Text Preview

Extract of sample "Comparative Income"

The variances reflected the amount that needed to be earmarked for the vacation in Hawaii, the life insurance of children, and the funds needed for the Christmas vacation, as identified under financial goals (Part 1). When these were not yet reflected in the Income and Expenses Statement for September, there was a surplus of $750. However, given that additional savings were needed for the planned expenses, no surplus was therefore reflected for October.
Discuss what you learned about the budgeting process from this exercise and whether you feel you need to make any adjustments to your monthly budget.
I realized that to finance planned vacations and other financial needs, the family needs to earmark an exact amount per month to save for these projected expenses. As shown from our comparative income and expense statements, the additional savings wiped out any surplus previously reflected. In this regard, in order to have a surplus amount, we should review some financial accounts and make little adjustments to our monthly budget. The budget for food allowance, transportation, and miscellaneous could be adjusted to give way for surplus in the future statements.
B. Retirement Savings Needs
In estimating the retirement savings needs, quick response to the Ballpark Estimate indicates that “Based on the assumptions you entered, you have now saved enough to allow you to replace 6 percent of your final wages (this includes income from Social Security). The percentage of total salary you will need to save from now until retirement age to achieve your desired income replacement rate is 140 percent. The dollar amount you will need to save this year is $46,924” (Choose to Save, 2011).
Information from the Social Security Online indicated that for Retirement, “Your estimated monthly benefit amount, beginning at age 62 and 1 month in 2040, is $2,729.00. For your estimate, we assumed future increases in prices or earnings” (Social Security Online, 2011).
This information indicates that I need to earmark more funds for savings for my retirement. At the current monthly salary being received, the projected monthly benefit from Social Security is only $2,729, which is below what I currently receive from my salary. Given that I do not need to support our children at that age, I still need to support and sustain daily living needs, including health and medications.
The goals have stayed the same except that I opted to add a retirement fund to increase the potential amount that is required to be earmarked for one’s retirement needs. As I learned from the lessons on retirement savings needs within the life expectancy that I learned from Part III (using the website Living to 100, after answering the questions indicated in the calculator to determine the life expectancy, the results revealed that my calculated life expectancy is 88 years which is well above the life expectancies of my parents (Living to 100, 2011)), I realized that there is a substantial amount that needed to be saved to support and sustain future retirement requirements, that could not be addressed solely from monthly benefits to be given by the Social Security. Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Projet 4 Essay Example | Topics and Well Written Essays - 1000 words”, n.d.)
Projet 4 Essay Example | Topics and Well Written Essays - 1000 words. Retrieved from https://studentshare.org/finance-accounting/1438154-projet
(Projet 4 Essay Example | Topics and Well Written Essays - 1000 Words)
Projet 4 Essay Example | Topics and Well Written Essays - 1000 Words. https://studentshare.org/finance-accounting/1438154-projet.
“Projet 4 Essay Example | Topics and Well Written Essays - 1000 Words”, n.d. https://studentshare.org/finance-accounting/1438154-projet.
  • Cited: 0 times

CHECK THESE SAMPLES OF Comparative Income

Meaning & Significance of Financial Assessment

Financial Management Table of contents SL.... o.... Particulars Page No....
12 Pages (3000 words) Assignment

Cause and Effect: the Effects of the Steady Increase in the Cost of Going to College

Cause and Effect: The Effects of the Steady Increase in the Cost of Going to College Table of Contents Table of Contents 2 Introduction 3 Thesis Statement 4 The Rising Costs of College 4 Reasons behind the Rising Costs 4 Effects of the Rising Costs 8 Conclusion 9 References 10 Introduction Among the grave concerns, the one that is having a noteworthy effect on the accessibility of higher education in the recent times is the increasing cost related to college education....
5 Pages (1250 words) Essay

Expatriates and the problems associated with international diemensions

Expatriates and the problems associated with their engagement are viewed as critical factors in many of the international organizations.... As per Dr.... Alastair Macfarlane (2005) while the researchers have been concentrating on the personality characteristics of the expatriate employees there is the need to consider certain additional factors to ensure expatriate success....
11 Pages (2750 words) Essay

Comparative Income Taxation

Comparative Income Taxation: A Structural analysis.... Welle's income tax and a penalty relating to computation accuracy of $2,124 for 2006.... Welle's income tax and a penalty relating to computation accuracy of $2,124 for 2006.... The respondent seeks to determine whether the petitioner was awarded a constructive dividend of $48,275 from TWC and consequently....
2 Pages (500 words) Essay

Development of International Tax Framework

The essay "Development of International Tax Framework" focuses on the critical analysis of the major issues concerning the development of the international tax framework.... The establishment of a universally applicable tax framework for all countries would be beneficial.... ... ... ... This being the case, it would then be easier for such a tax framework to be enforced globally more so in a uniform manner, thus helping to seal all the loopholes that exist in different accounting frameworks that are applied by different countries globally, whose standards, principles and enforceability are varied (Hung, & Subramanyam, 2007:627)....
2 Pages (500 words) Essay

Analysis of Financial Performance of Bristol-Myers Squibb

The "Financial Performance of Bristol-Myers Squibb" paper is being undertaken in the nature of a company study from the point of view of a potential investor, on Bristol-Myers Squibb Company, and its prospects in the industry for the coming year.... The paper examines BMS's company objectives.... ...
12 Pages (3000 words) Case Study

Financial Performance of Bristol-Myers Squibb

The paper "Financial Performance of Bristol-Myers Squibb" examines BMS's objectives and strategies supported by a review of company events and undertakings in line with its stated mission and objectives.... A strategic assessment of the Company determines its prospects for addressing the post-recession scenario....
19 Pages (4750 words) Thesis

Vertical and Horizontal Analysis on Qantas Group Financial Statements

The various financial statements of the company The company's financial statements are twofold and include the statement of the company's financial position or the balance sheet as well as the income statement or the company's profit and loss account.... However, accounting principles classify the company's financial statements to include;i) The balance sheetii) The income statementiii) The statements of changes in equityiv) The cash flow statement2....
8 Pages (2000 words)
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us