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Retirement planning: Capital depletion model

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Please help arrive at the capital depletion model for a couple.

If a married couple is each 43.
Husband makes 75000
Wife makes 50000
Required Rate of REturn is 8%
Inflation rate is 3%

If they retire at 62 what is the total needed assuming 80% wage replacement ratio to age 96? My calculations are below. Are they correct?
PV - 100,000 (80% of 125,000)
N-19
i - 3
FV 175,350

Find Lump sum that they need to have to get to age 96 (beg mode)
PMT - 175,350
N 34 (96-62)
i [(1.08/1.03)-1]x100
PVAD 3,390,948

How much do they need to save? Below is portfolio

STock Portfolio = 200,000
401K = 250,000 (adding 7,500 annually)
IRA = 28,000

PV = 478,000
i = 8
n = 19
FV 2,062,905

Needed 3,390,948
FV of Lump 2,062,905
Difference is 1,328,043

What is additional that needs to be saved?
FV = 1,328,043
n=228 (19x12)
i.0067 (8% / 12)
PMT 5,780

Are these numbers correct?
What do we do to figure Social Security changing how much is needed to save....Head of House - 29,996; Spouse - 22,468, beginning at age 62, 65, 67?
At age 62 they will have reduced benefits of 75.8% of SS
At age 65 they will have 94.4%
At age 67 they will have 100%.

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The solution provides a capital depletion model for retirement planning for a married couple.

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Now consult the financial press to assess the market value of the equity. This is the current share price times the number of ordinary shares issued. (The notes to the accounts will indicate the number of shares issued.)

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You chosen company MUST have a full listing on the London Stock Exchange.

You MUST attach to your coursework a copy of the latest annual report and accounts of your chosen company. (This does not contribute towards the word count.)

Your coursework should be no less than 1500 words and no more than 2500.
Ratio analysis as well as company valuation methods are required, along with a critical appraisal of the techniques used.

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