I want a monthly income of $7,000 during my retirement. I will retire at 67 and "plan" to live until 97 (30 years after retirement). I am 42 right now. If I have $180,000 in retirement account right now, how much should I save each quarter until retirement to meet my income requirement during retirement.

Assume: 6% annual rate of return until retirement, compounded quarterly.

Assume: 0.25% monthly rate of return compounded monthly, after retirement.

Answer rating: 100% (QA)

Desired Monthly Income after retirement No of years after retirement Months after retirement Monthl... View the full answer