The Smiths save $16,000 per year for retirement. They are now in their mid-thirties, and they expect to have $1 million in today’s dollars saved by the time they’re in their mid-sixties. If their market interest rate is 6% per year and inflation averages 2% a year, is their financial plan possible?

Answer rating: 100% (QA)

the Smiths financial plan appears to be possible with some caveats Calculations Number of years until retirement Since they are in their midthirties a... View the full answer