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Chapter 15. Developing an Action Plan > Goal Setting and Costs

Goal Setting and Costs

Dennis and Mary Glover need to address the topics in the following sections as they prepare for their retirement.

Emergency Fund

Although we haven't yet addressed the Glovers' budget in retirement, we'll assume that their expenses will be about the same as they are now for purposes of this projection. Today's expenses are roughly $58,000, which will be inflation adjusted to $71,000 at retirement. That means the Glovers require at least $35,500 to provide for up to six months of necessary cash flow in the event of an emergency. This can be applied to their extended life-expectancy goal. They need to look at the following:


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