Jack and Jill are 41 years old and plan on retiring at age 65 and expect to live until age 95. They currently earn $200,000 and expect to need $100,000 in retirement. They also expect that Social Security will provide $24,000 of benefits in today’s dollars at age 65. They are saving $20,000 each intheir 401(k) plans and IRAs. Their son, Parker, is expected to go to college in 10 years. They want tosave for Parker’s college education, which they expect will cost $25,000 in today’s dollars and they are willing to fund 4 years of college. They were told that college costs are increasing at 6% per year, while general inflation is 3%. They currently have $500,000 saved in total and they are averaging an 8% rate of return and expect to continue to earn the same return over time. Based on this information, what should they do?