A social worker will retire in two years, after 20 years of service, with an average wage of $70,000. For retirement, the social worker wants to have enough saved to have a
monthly income of $4,666.67 per month. The company offers a 1.8% per year of service pension plan. Will the social worker's monthly pension payment be enough to meet
their retirement goal?
No, the monthly pension payment will be $2,566.67 lower than the goal.
OYes, the monthly pension payment will be $2,566.67 higher than the goal.
No, the monthly pension payment will be $2,100.00 lower than the goal.
Yes, the monthly pension payment will be $2,100.00 higher than the goal.