Michael is now 55 years old, plans to retire in 15 years and expects to live for 20 years after he retires.He wants a fixed retirement income of $80,000 per year.His retirement income will begin the day he retires.Michael currently has $100,000 saved up and he will receive a lump-sum payment of $200,000 from his employer when he retires at age 70, which he will also put into the retirement account.Michael expects to earn a return of 6% per year.How much must he save at the end of each of the next 15 years to meet his retirement goal?

Answer rating: 100% (QA)

To calculate the amount Michael must save at the end of each of the next 15 years to meet his retire... View the full answer