Your employer offers a 401(k) plan with a 27% match, and you set a goal of...

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Your employer offers a 401(k) plan with a 27% match, and you set a goal of retiring in 30 years with an amount of money which has the same buying power that 1.1 million dollars has today. If the account earns an annual interest rate of 1.2% and the expected annual rate of inflation is 1.9%, how much should YOU contribute each month to the 401(k)? Your employer offers a 401(k) plan with a 27% match, and you set a goal of retiring in 30 years with an amount of money which has the same buying power that 1.1 million dollars has today. If the account earns an annual interest rate of 1.2% and the expected annual rate of inflation is 1.9%, how much should YOU contribute each month to the 401(k)?

Answer rating: 100% (QA)

To calculate the monthly contribution needed to achieve your retirement goal we need to account for ... View the full answer