Christina will be retiring next month from her job after 35 years as a school bus driver. Over the last 35 years, Christina’s annual salary averaged $22,040. She expects to receive some money each month from Social Security and plans to take the rest of the money she needs to pay the monthly bills from savings. Each month her bills total to about $1,375. Assuming her annual Social Security benefit will be 42% of her salary average, how much will she need to take from savings each month to help pay the bills?
Christina’s annual Social Security benefit is 42% of $22,040, or $9,256.80. Dividing by 12 gives a monthly benefit of $771.40. Subtracting that from her $1,375 monthly bills leaves $603.60 to take from savings, so the answer is “At least $603.60.”
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