George Thriftless is 45 years old, earns $50,000 per year, and expects that his future earnings will keep pace with inflation, but will not exceed inflation. He has not yet saved anything toward his retirement. His company does not offer any pension plan.?

George Thriftless is 45 years old, earns $50,000 per year, and expects that his future earnings will keep pace with inflation, but will not exceed inflation. He has not yet saved anything toward his retirement. His company does not offer any pension plan.?
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George Thriftless is 45 years old, earns $50,000 per year, and expects that his future earnings will keep pace with inflation, but will not exceed inflation. He has not yet saved anything toward his retirement. His company does not offer any pension plan. George pays Social Security taxes equal to 7.5% of his salary, and he assumes that when he retires at age 65, he will receive $ 12,000 per year in inflation-adjusted Social Security benefits for the rest of his life. His life expectancy is age 85. George buys a book on retirement planning that recommends saving enough so that when private savings and Social Security are combined, he can replace 80% of his preretirement salary. George buys a financial calculator and goes through the following calculations: First, he computes the amount he will need to receive in each year of retirement to replace 80% of his salary: 0.8 X $50,000 = $40,000. Since he expects to receive $12,000 per year in Social Security benefits, he cal­culates that he will have t
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