Class, How much do you need to invest on a monthly basis into a 401K, no match, if you started when you're 30 years old and desire to have a $500,000 balance in the year you turn 67. Then calculate it if you started at 40 and then 50 years old. As an example, here is the calculation for a 30 year old. 1) 67 - 30 = 37 years 2) Assume investment return of 8% 3 Future value $500,000 The amount needed to save on a monthly basis = $205.18 monthly or $2,462.16 annually. Note: I kept both the period and interest rate at a full year. Then, I divide the annual result by twelve. What if I started at 40 years old? What if I started at 50 years old? What critical lesson can you learn from this exercise