Run a retirement calculation for your retirement.  This is in the financial portfolio:

1) First decide how much income you will need in retirement.The median income was $67,521 in 2020 .  Social Security pays around $19,800 per year on average, so plan for savings to generate $48,000 per year?

2) Second, choose a risk/return level. Vanguard forecasts returns to be 3.5% a conservative and matches the historical performance of retirement accounts.  5% is all stocks and more volatile?

3) Third, how long will you live? Consider your grandparents age?

4) Run a calculator for your scenario?

How much do you need to save by age 67? and how much should you save each year?  What are the risks to this scenario?  List at least 4 risks?

Answer rating: 100% (QA)

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