DSS for Financial Planning
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MANAGEMENT-INFORMATION-SYSTEMS-BUS-7700-S Week 7 Assignment: DSS for Financial Planning
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Naga_Sai_Bandhavi SAKHAMURI
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FinancialPlanning (1).docx
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Student paper
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FinancialPlanning (1).docx
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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 Capitals 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 individuals 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 Betterments 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 DSSs 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, ., & Chekalkina, . (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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Student paper 79%
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Student paper
DSS for Planning
Original source
DSS for Financial Planning
1
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
1
Student paper
6/15/1970
Original source
6/15/1970
1
Student paper
$85,000.00 Benefit in year-2020
dollars
Original source
$85,000.00 Benefit in year-2020
dollars
1
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
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Student paper 76%
Student paper 88%
Student paper 73%
Student paper 83%
1
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-
dividuals 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
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Student paper 81%
Student paper 100%
ersj 95%
Student paper 100%
Student paper 91%
Student paper 100%
Student paper 86%
1
Student paper
The Betterments 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 Betterments 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, .,
& Chekalkina, .
Original source
Anikina, I., Gukova, A., Golodova, .,
& Chekalkina,
2
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
1
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-
