Week 7 Assignment: DSS for Financial Planning

Week 7 Assignment: DSS for Financial Planning
For this week’s assignment, you will go about planning for your hypothecial retirement using web-based decision support systems (DSS) for financial planning and decision making. Follow the steps below and use the provided websites to determine how much you need to save to have enough income for your retirement. Assume that you are 50 years old and plan to retire in 16 years. You have one dependent and $100,000 in savings. Your current annual income is $85,000. Your goal is to be able to generate an annual retirement income of $60,000, including Social Security benefit payments.
1. To calculate your estimated social security benefit, use the Quick Calculator at the Social Security Administration Web site here. (https://www.ssa.gov/planners/benefitcalculators.html)
2. Use the financial tools available on one of the following web sites to determine how much money you need to save to help you achieve your retirement goal.
CNN Money
Kiplinger: Finance Advice and Business Forecasts
3. Critique the site—its ease of use, its clarity, the value of any conclusions reached, and the extent to which the site helps investors understand their financial needs and the financial markets.
4. Now use the other site. How does it compare to the site you initially chose?
Create a 2-3 page essay in which you response to all of the above items. Your essay should follow APA format.
Chapter 12: Enhancing Decision Making, AND Chapter 13: Building Information Systems
Required Texts:
Laudon, K. C. & Laudon, J. P. (2014). Management information systems: Managing the digital firm (13th ed.). Upper Saddle River, NJ: Pearson
However, for the papers we write here, Level 2 is sufficient. Here is an example of Level 1 and Level 2 headings: Expanding Mobile Technologies to Europe Germany Is Promising Greece Has Challenges Please go here for online APA assistance: http://owl.english.purdue.edu/owl/
From the instructors’ book
Improving Decision Making: Using a Web-Based DSS for Retirement Planning

Software skills: Internet-based software
Business skills: Financial planning

This project will help develop your skills in using Web-based DSS for financial planning.

The Web sites for CNN Money and Kiplinger feature Web-based DSS for financial planning and decision making. Select either site to plan for retirement. Use your chosen site to determine how much you need to save to have enough income for your retirement. Assume that you are 50 years old and plan to retire in 16 years. You have one dependent and $100,000 in savings. Your current annual income is $85,000. Your goal is to be able to generate an annual retirement income of $60,000, including Social Security benefit payments.

1. To calculate your estimated social security benefit, use the Quick Calculator at the Social Security Administration Web site (www.ssa.gov/planners/calculators.htm).

2. Use the Web site you have selected to determine how much money you need to save to help you achieve your retirement goal.

3. Critique the site—its ease of use, its clarity, the value of any conclusions reached, and the extent to which the site helps investors understand their financial needs and the financial markets.

An additional savings of $214,000 is required to generate an annual retirement income of $60,000 from the ages of 66–90 with a projected interest rate of 6 percent.

Opinions will vary about each site’s ease of use, clarity, and the value of any conclusions reached. The point of this exercise it to understand how Web-based DSS fulfill a variety of needs for making decisions. Students should also understand that many DSS are not necessarily complicated or difficult to use.
please answer all the questions completely and in detail.
conclusion and introduction it has to be included.