Question

Each month your father gets $1,730.69 from his company pension

and $1,576.33 from Social Security. His living expenses are about
$3,840 a month. About how much savings money will he need each
month to cover expenses? Round your answer to two decimal places.
$
from savings

Answer 1

After calculating your father's total monthly income from his company pension and Social Security, which amounts to $3,307.02, and subtracting it from his monthly living expenses of $3,840, it is clear that he needs approximately $532.98 from savings each month to cover the difference.

Step-by-step explanation:

The question asks us to calculate how much savings money your father will need each month to cover his expenses. Your father's total monthly income from his company pension and Social Security is $1,730.69 + $1,576.33, which equals $3,307.02. His monthly living expenses amount to approximately $3,840. To find out how much he needs from savings each month, we subtract his total monthly income from his expenses.

$3,840 (expenses) - $3,307.02 (income) = $532.98 needed from savings.

Therefore, your father will need to take out approximately $532.98 from his savings each month to cover his expenses.