DSS for Financial Planning

8/20/2020 Originality Report

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SafeAssign Originality Report MANAGEMENT-INFORMATION-SYSTEMS-BUS-7700-S… • Week 7 Assignment: DSS for Financial Planning

%100Total Score: High risk Naga_Sai_Bandhavi SAKHAMURI

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Running head: PLANNING 1

PLANNING 2

DSS for Planning

Naga Sakhamuri

Ottawa University

Financial Planning

Question One

Social security benefits are seen to “provide partial replacement income to qualified retirees and individuals who are disabled, as well as for their spouses and children” (Dushi & Iams, 2018). However, an individual must be able “to subscribe into the Social Security Program during their working years where they at least accrue 40 credits in order to be qualified for the benefits later in life” (Dushi & Iams, 2018). In the case study, it is seen that I assume to be 50 years of age and plan to retire in the next 16 years. I have one dependent and $100,000 as savings. My current income yearly is $85,000. My mission is to be able to generate a yearly retirement income of $60,000 which includes the payment of the social security ben- efit. Using the Quick Calculator, I can be able to estimate my social security benefit when I retire in the next 16 years. The information I submitted are Date of birth: 6/15/1970

Current earnings: $85,000.00

Benefit in year-2020 dollars

Retirement month: 6/2036

Therefore, my estimated monthly social security benefits are $2, 307.00. This brings an annual social security benefit of $51,324. Question Two

Financial tools are defined as the analysis tools which are efficient ways that are used to ensure good profit your investment (Anikina, Gukova, Golodova, & Chekalkina, 2016). These tools are significant in determining both internal and external aspects that an individual must consider in or- der to get what they need later. From the above calculation of my social benefits, I am supposed to receive an annual $51,324 in social security ben- efits. However, my mission was to receive and estimated social security benefits of $60,000 annually after I retire in the next 16 years. Using the Per- sonal Capital’s Retirement Planner, it is seen that the amount I need to save in order to receive an annual social security benefit of $60,000 is calcu- lated as follows, If $51,324 is estimated from a $100,000 savings

What about $60,000? This gives ($60,000*$100,000/$51,324) Therefore, I need to save $116,904 so that I can be able to receive an annual $60,000 as benefits in social security benefits. Question Three

The Personal Capital Retirement Planner financial tool can be criticized in the sense that it uses an individual’s savings and habits of spending (Kat Peach, 2010). This aspect is seen to automatically pull the actual saving and spending habits from within personal capital. This is a demerit in that sometimes individuals spend on vital issues which the Personal Capital Retirement Planner financial tool tends to cover, and this reduces your social security benefits. On the slip side, the Personal Capital Retirement Planner financial tool helps investors understand their financial needs and the market in that they can be able to track the progress overtime. Additionally, investors can be able to save more and the site accounts for large expenses. Question Four

The Betterment’s Retirement Saving Calculator is also used as a financial tool to calculate the retirement benefits (Kat Peach, 2010). It also gives similar results as Personal Capital Retirement Planner financial tool. Conclusion

Checking the DSS’s has very important role and helps in quality decision making. It helps in investment modelling and decision analyses as we seek better decision performance. Most of these features evident are useful in commercial investment software packages.

References

Anikina, I., Gukova, A., Golodova, А., & Chekalkina, А. (2016). Methodological aspects of prioritization of financial tools for stimulation of in- novative activities. EUROPEAN RESEARCH STUDIES JOURNAL, XIX(Issue 2), 100-112. doi:10.35808/ersj/525

Dushi, I., & Iams, H. (2018). Reporting accuracy of Social Security benefits and its implications in the health and retirement study. Journal of Eco- nomic and Social Measurement, 42(3-4), 271-292. doi:10.3233/jem-180449

Kat Peach. (2010). Best Retirement Planning Tools & Calculators for 2020. Investor Junkie. Retrieved from https://investorjunkie.com/retire- ment/best-free-retirement-planning-tools/#1-personal-capital-retirement-planner

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8/20/2020 Originality Report

https://blackboard.ottawa.edu/webapps/mdb-sa-BB5c06bfb1d2454/originalityReport/ultra?attemptId=c41c300c-735f-417a-ad72-82ca9085fd0e&course_id=_80924_… 3/5

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DSS for Planning

Original source

DSS for Financial Planning

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Student paper

Social security benefits are seen to “provide partial replacement income to qualified retirees and individuals who are disabled, as well as for their spouses and children” (Dushi & Iams, 2018). However, an individual must be able “to subscribe into the Social Security Program during their working years where they at least ac- crue 40 credits in order to be quali- fied for the benefits later in life” (Dushi & Iams, 2018). In the case study, it is seen that I assume to be 50 years of age and plan to retire in the next 16 years. I have one depen- dent and $100,000 as savings.

Original source

individuals who are disabled, as well as for their spouses and children” (Dushi & Iams, 2018) working years where they at least accrue 40 credits in order to be qualified for the bene- fits later in In the case study, it is seen that I assume to be 50 years of age and I have one dependent and $100,000 as savings

1

Student paper

My current income yearly is $85,000. My mission is to be able to generate a yearly retirement income of $60,000 which includes the payment of the social security benefit. Using the Quick Calculator, I can be able to estimate my social security benefit when I retire in the next 16 years.

Original source

income yearly is $85,000 My mission is to be able to generate a yearly re- tirement income of can be able to estimate my social security benefit when I retire in the next 16 years

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6/15/1970

Original source

6/15/1970

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$85,000.00 Benefit in year-2020 dollars

Original source

$85,000.00 Benefit in year-2020 dollars

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Student paper

Therefore, my estimated monthly social security benefits are $2, 307.00. This brings an annual social security benefit of $51,324.

Original source

Therefore, my estimated monthly social security benefits are $2, 307.00 social security benefit of $51,324

8/20/2020 Originality Report

https://blackboard.ottawa.edu/webapps/mdb-sa-BB5c06bfb1d2454/originalityReport/ultra?attemptId=c41c300c-735f-417a-ad72-82ca9085fd0e&course_id=_80924_… 4/5

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Student paper

Financial tools are defined as the analysis tools which are efficient ways that are used to ensure good profit your investment (Anikina, Gukova, Golodova, & Chekalkina, 2016). These tools are significant in determining both internal and exter- nal aspects that an individual must consider in order to get what they need later. From the above calcula- tion of my social benefits, I am sup- posed to receive an annual $51,324 in social security benefits. However, my mission was to receive and esti- mated social security benefits of $60,000 annually after I retire in the next 16 years.

Original source

Financial tools are defined as the analysis tools which are efficient ways that are used to ensure signifi- cant in determining both internal and external aspects that an individ- ual must consider in to receive an annual $51,324 in social security benefits estimated social security benefits of $60,000 annually after I retire in the next 16 years

1

Student paper

What about $60,000? This gives ($60,000*$100,000/$51,324) There- fore, I need to save $116,904 so that I can be able to receive an annual $60,000 as benefits in social security benefits.

Original source

What about $60,000 Therefore, I need to save $116,904 so that I can be able to receive an annual $60,000 as benefits

1

Student paper

The Personal Capital Retirement Planner financial tool can be criti- cized in the sense that it uses an in- dividual’s savings and habits of spending (Kat Peach, 2010). This as- pect is seen to automatically pull the actual saving and spending habits from within personal capital. This is a demerit in that sometimes individ- uals spend on vital issues which the Personal Capital Retirement Planner financial tool tends to cover, and this reduces your social security benefits. On the slip side, the Personal Capital Retirement Planner financial tool helps investors understand their fi- nancial needs and the market in that they can be able to track the progress overtime.

Original source

The Personal Capital Retirement Planner financial tool can be criti- cized in the sense that it uses an pull the actual saving and spending habits from within personal capital sometimes individuals spend on vital issues which the Personal Capital Re- tirement Planner Personal Capital Retirement Planner financial tool helps investors understand their fi- nancial needs

1

Student paper

Additionally, investors can be able to save more and the site accounts for large expenses.

Original source

be able to save more and the site ac- counts for large expenses

8/20/2020 Originality Report

https://blackboard.ottawa.edu/webapps/mdb-sa-BB5c06bfb1d2454/originalityReport/ultra?attemptId=c41c300c-735f-417a-ad72-82ca9085fd0e&course_id=_80924_… 5/5

Student paper 81%

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The Betterment’s Retirement Saving Calculator is also used as a financial tool to calculate the retirement ben- efits (Kat Peach, 2010). It also gives similar results as Personal Capital Retirement Planner financial tool.

Original source

The Betterment’s Retirement Saving Calculator is also used as a financial tool to calculate the It also gives sim- ilar results as Personal Capital Retirement

1

Student paper

Anikina, I., Gukova, A., Golodova, А., & Chekalkina, А.

Original source

Anikina, I., Gukova, A., Golodova, А., & Chekalkina, А

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Student paper

Methodological aspects of prioritiza- tion of financial tools for stimulation of innovative activities. EUROPEAN RESEARCH STUDIES JOURNAL, XIX(Is- sue 2), 100-112.

Original source

Methodological Aspects of Prioritiza- tion of Financial Tools for Stimula- tion of Innovative Activities Eu- ropean Research Studies Journal, Volume XIX, Issue 2, 100-112, 2016

1

Student paper

doi:10.35808/ersj/525 Dushi, I., & Iams, H.

Original source

doi:10.35808/ersj/525 Dushi, I., & Iams, H

1

Student paper

Reporting accuracy of Social Security benefits and its implications in the health and retirement study. Journal of Economic and Social Measure- ment, 42(3-4), 271-292. doi:10.3233/jem-180449

Original source

Reporting accuracy of Social Security benefits and its implications Journal of Economic and Social Measure- ment, 42(3-4), 271- doi:10.3233/jem- 180449

1

Student paper

Best Retirement Planning Tools & Calculators for 2020.

Original source

Best Retirement Planning Tools & Calculators for 2020

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Student paper

Retrieved from https://investor- junkie.com/retirement/best-free-re- tirement-planning-tools/#1-person- al-capital-retirement-planner

Original source

Retrieved from https://investor- junkie.com/retirement/best-free-re- tirement-planning-tools/#1-