fianance ( due after 11 hours )

Fred and Wilma are 48 years old. Their only daughter, Pebbles, recently graduated from Winthrop and is off the payroll. They both work and have incomes of $65,000 and $58,000 per year respectively. They have not been saving as much as they should for retirement and currently have $120,000 in Fred's 401(k) and $75,000 in Wilma's 401(k). Fred, the higher earner, gets a company match of up to 5% of his salary. Wilma get's 3% of her salary automatically added to her 401(k) each year. They recently heard that they will need a million dollars to retire. How long will it take them and how will they get to $1 million dollars in these two 401(k)'s? Will $1 million dollars be enough for them to retire? Make some assumptions about taxes and replacement rates, explain them and show the numbers. Then write a short email (1/2 page to one page single spaced) to Fred and Wilma giving them some basic guidance on retirement savings.