Question: A 3 5 year 3 5 - year - old old employee who has just been hired will contribute part of their paycheck monthly to

A 35 year35-year-old old employee who has just been hired will contribute part of their paycheck monthly to a 401(k). The employee's starting salary is $85000 a year. An annual raise of 5.66% is given to every employee each year. The employee plans to work for the company until they retire at age 66 and start withdrawing from their 401(k)20% of their ending salary each year they are retired. The employee expects to be retired for 25 years. They will withdraw the money in monthly installments. The 401(k) earns 7.46% per year compounded monthly. a) How much will the employee's final salary be at age 66? Round to two decimals. b) Using your answer to part a), how much will the employee withdraw each month of their retirement? Round to two decimals. c) Using your answer to part b), how much does the employee needs to save in their 401(k) before they retire at age 66? Round to two decimals. d) Using your answer to part c), how much do the employee's monthly 401(k) contributions need to be? Round to two decimals. e) Using your answers to part c) and d), how many years would it take the employee to save the money they need to retire if they doubled their monthly contributions? Round to two decimals.parts

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