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Part 1: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.
- Create a chart summarizing the details of the investment for both Bob and
- Explain the results in terms of time value of money.
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