Your client is 25 years old and wishes to retire at age 65. At that time, your
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Question:
Your client is 25 years old and wishes to retire at age 65. At that time, your client wishes to have saved $2,000,000. You advise the client to set aside money every year for the next 40 years. This money will be invested in a fund that you believe will average 10% each year for the next 40 years.
How much will your client need to set aside for each payment into the fund in order to accumulate the $2,000,000 total?
If your client's life expectancy is age 80, how much can your client withdraw each year for the 15 years of retirement? The cost of money is 10%.
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