Q. 1) Marissa worked as homemaker until she was 50. Because then, she has worked part-time as a retail clerk, also she is now ready to retire at age 65. Her husband's Social Security AIME is $3,000 per year. Can you also your spouse each contribute to an IRA in 2006 if you file joint taxes?

2) You estimate which your first year retirement income expenses will be $100,000 also which these expenses will increase at an inflation rate of 4% per year for the 20 years you will be retired. Explain how much wealth you will need to have accumulated by the time you retire if you expect to earn 6% on your retirement investment.