Jane Moreland receives $500 per month from Social Security and her husband, Josh, receives 180 percent of the amount Jane does. In order to have a retirement income of $1,500 per month, how much must Jane and Josh take from savings each month?

Question

Conrad Liu

Business

16 February, 03:51

Jane Moreland receives $500 per month from Social Security and her husband, Josh, receives 180 percent of the amount Jane does. In order to have a retirement income of $1,500 per month, how much must Jane and Josh take from savings each month?

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Answers (2)

Know the Answer?

Claire Decker · Answer 1

Answer: $100

Explanation:

Jane + Husband total income: 500 + 1.8x500 = 1400

Money needed from savings = 100

Ronda 350 husband 700 = total 1050 + 400 from savings = 1450

Brielle Watts · Answer 2

Jane's Social security = $535.71

Josh's Social security = $964.29

Explanation:

Jane's Social security = $500

Josh's Social security = $500 x 180%

Josh's Social security = $900

Suppose In order to have $1,500 per month retirement income

Jane's Social security = X

Josh's Social security = X x 180% = 1.8X

Total Income = X + 1.8X

$1,500 = X + 1.8X

$1,500 = 2.8X

$1,500 / 2.8 = X

X = 535.71

So

Jane's Social security = X = $535.71

Josh's Social security = 1.8 x 535.71 = $964.29