Problem:
A self-employed person deposits $1,250 annually in a retirement account that earns 5.5%.
Task:
Question 1: What will be the account balance at age 62 if the savings program starts when the individual is age 50?
Question 2: How much additional money will be in the account if the saver defers retirement until age 66 and continues the annual contributions until then? Please explain in detail and provide all calculations.