Question: A financial advisor informs you that you will not have enough money saved in your retirement account to retire in the lifestyle to which you

A financial advisor informs you that you will not have enough money saved in your retirement account to retire in the lifestyle to which you are accustomed. You plan to retire in 15 years and you currently have $50,000 in your retirement account. You plan to live for 20 years after you retire and you would like to spend $50,000 a year in your retirement years. Your advisor informs you that your investments will earn 10% per year for the next 15 years. However, due to higher expected inflation, the market interest rate is expected to rise to 15% in your retirement years. Once you retire you will not be able to contribute any additional funds to your account. (1) How much money do you need in the retirement account when you retire? (2) How do you plan to attain your retirement goal? Please advise at least two strategies.

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