For this week’s assignment, you will go about planning for your hypothetical retirement using web-based decision support systems (DSS) for financial planning and decision making. Follow the steps below and use the provided websites to determine how much you need to save to have enough income for your retirement. Assume that you are 50 years old and plan to retire in 16 years. You have one dependent and $100,000 in savings. Your current annual income is $85,000. Your goal is to be able to generate an annual retirement income of $60,000, including Social Security benefit payments.
1. To calculate your estimated social security benefit, use the Quick Calculator at the Social Security Administration Web site here.
2. Use the financial tools available on one of the following web sites to determine how much money you need to save to help you achieve your retirement goal.
3. Critique the site—its ease of use, its clarity, the value of any conclusions reached, and the extent to which the site helps investors understand their financial needs and the financial markets.
4. Now use the other site. How does it compare to the site you initially chose?
Create a 2-3 page essay in which you respond to all of the above items. Your essay should follow APA format.