I will pay for the following article Projet 4. The work is to be 4 pages with three to five sources, with in-text citations and a reference page. The variances reflected the amount that needed to be earmarked for the vacation in Hawaii, life insurance of children, and the funds needed for the Christmas vacation, as identified under financial goals (Part 1). When these were not yet reflected in the Income and Expenses Statement for September, there was a surplus of $750. However, given that additional savings were needed for the planned expenses, no surplus was therefore reflected for October. Discuss what you learned about the budgeting process from this exercise and whether you feel you need to make any adjustments to your monthly budget. I realized that to finance planned vacations and other financial needs, the family needs to earmark an exact amount per month to save for these projected expenses. As shown from our comparative income and expense statements, the additional savings wiped our any surplus previously reflected. In this regard, in order to have a surplus amount, we should review some financial accounts and make little adjustments in our monthly budget. The budget for food allowance, transportation and miscellaneous could be adjusted to give way for surplus in the future statements. B. Retirement Savings Needs In estimating the retirement savings needs, a quick response to the Ballpark Estimate indicates that “Based on the assumptions you entered, you have now saved enough to allow you to replace 6 percent of your final wages (this includes income from Social Security). The percentage of total salary you will need to save from now until retirement age to achieve your desired income replacement rate is 140 percent. The dollar amount you will need to save this year is $46,924” (Choose to Save, 2011). Information from the Social Security Online indicated that for Retirement, “Your estimated monthly benefit amount, beginning at age 62 and 1 month in 2040, is $2,729.00. For your estimate, we assumed future increases in prices or earnings” (Social Security Online, 2011). This information indicate that I need to earmark more funds for savings for my retirement. At the current monthly salary being received, the projected monthly benefit from the Social Security is only $2,729, which is below what I currently receive from my salary. Given that I do not need to support our children at that age, I still need to support and sustain daily living needs, including health and medications. C. Revised Goals Worksheet A. Describe the Goal B. Dollar Amount Required? C. Deadline Date? D. Date to Start Saving?&nbsp. Number of Months to Save? (C – D) Monthly Savings Amount Long term goals: Vacation in Hawaii Retirement Fund $5000 $32,400 Dec. 2012 Jan. 2012 Oct. 2011 Dec. 2038 16 months 324 months $312.50 $100 Intermediate LT Goals Life insurance for the children $3000 Oct. 2016 Oct.