You are 30 today. You want to retire at 60. You hope to live to age 85.
Fantastic news! We've Found the answer you've been seeking!
Question:
You are 30 today. You want to retire at 60. You hope to live to age 85. You want to earn $13,000 per month in retirement. How much do you need to save per month during your working years to reach your retirement goal? Assume period-end payments. Let the annual interest rate be 4.5% in retirement and 7% in your working life.
How much do you need to save per month during your working years to reach your retirement goal?
(round to the nearest penny)
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date: