Erin wants a monthly retirement income of $10,000. She will retire on her birthday at age 67 with a $3,000 per month social security monthly benefit and a $3,000 per month defined benefit pension. She expects to die on her birthday at age 90 and would like to leave $100,000 to each of her 4 children. She expects that her assets will grow at 9.9% per year. Her marginal tax rate is 24% and she expects a 2.6% annual rate of inflation. How much will she need to have saved when she retires to assure her desired monthly retirement income along with her desire to pass on some money to her kids?

Answer rating: 100% (QA)

Before Tax Return 1 Marginal Tax Rate After Tax Rate of Return 0099 x 1024 0099 x 076 0... View the full answer