Design a retirement planning calculator for Skulling Fincancial Services. Allo a user to enter a number of working years remaining in the user's career and the annual amount of money the user can save. Assume that the user earns three percent simple interest on savings annually. Program output is a schedule that lists each year number in retirement starting with year 0 and the user's savings at the start of each year. Assume that the user spends $50,000 per year in retirement and then earns three percent interest on the remaining balance. End the list after 40 years, or when the user's balance is 0 or less, whichever comes first.
To design a retirement planning calculator for Skulling Financial Services, you can use a programming language of your choice. I'll provide you with a Python implementation for this calculator that allows users to enter the number of working years remaining and the annual amount they can save. It will generate a schedule showing the user's savings at the start of each year during retirement.
Here's the Python code for the retirement planning calculator:
```python
def retirement_planning():
working_years = int(input("Enter the number of working years remaining: "))
savings_per_year = float(input("Enter the annual amount of money you can save: "))
retirement_years = 40 # Assuming a retirement period of 40 years
retirement_balance = 0
interest_rate = 0.03 # 3% annual interest rate
print("\nRetirement Planning Schedule:")
print("Year\t\tSavings at Start of Year")
for year in range(retirement_years + 1):
if year <= working_years:
retirement_balance += savings_per_year
print(f"{year}\t\t${retirement_balance:.2f}")
if retirement_balance <= 0:
print("Your savings have been depleted.")
break
retirement_balance = (retirement_balance - 50000) * (1 + interest_rate)
# Check if savings will last for 40 years
if year == retirement_years and retirement_balance > 0:
print("Your savings will last for more than 40 years.")
break
retirement_planning()
```
Once you run this code, you will be prompted to enter the number of working years remaining and the annual amount of money you can save. The program will then generate a schedule, showing the savings at the start of each year during retirement. The program will stop when either 40 years have passed, the savings are depleted, or the balance becomes zero or negative.
Note: This code assumes that the interest is applied at the end of each year and that the user spends $50,000 per year in retirement. Feel free to modify the code according to your requirements.
To design a retirement planning calculator for Skulling Financial Services, you can follow these step-by-step instructions:
Step 1: Prompt the user to enter the number of working years remaining in their career and the annual amount of money they can save.
Step 2: Calculate the retirement savings for each year until the user's retirement using the formula: savings = (previous savings + annual saving) * (1 + interest rate).
Step 3: Initialize a counter variable to keep track of the year number, set it to 0.
Step 4: Print the schedule header, including the column labels for "Year" and "Savings".
Step 5: Start a loop that iterates until the counter reaches 40 or the savings balance becomes 0 or less.
Step 6: Inside the loop, calculate the retirement savings for the current year using the formula mentioned in Step 2.
Step 7: Check if the savings balance is less than or equal to 0. If true, break out of the loop.
Step 8: Print the year number and the current savings balance in the desired format.
Step 9: Increment the year number counter.
Step 10: Repeat Steps 6 to 9 until the loop termination condition is met.
Here's a sample code snippet in Python to give you an idea:
```python
working_years = int(input("Enter the number of working years remaining: "))
annual_saving = float(input("Enter the annual amount of money you can save: "))
interest_rate = 0.03
retirement_balance = 0
print("Year Savings")
print("----------------")
for year in range(working_years + 1):
if year == 0:
retirement_balance = annual_saving
else:
retirement_balance = (retirement_balance + annual_saving) * (1 + interest_rate)
if year > 40 or retirement_balance <= 0:
break
print(f"{year:<8}{retirement_balance:.2f}")
retirement_balance -= 50000
retirement_balance *= (1 + interest_rate)
```
Remember to adjust the input validation, data types, and formatting as per your requirements.