# Suppose you are 25 years old and plan to retire at the age of 65 years old.

## Question:

Suppose you are 25 years old and plan to retire at the age of 65 years old. You expect to live to the age of 85. You need to live off 100,000 a year. Your Social Security contribution will be 1000 a month or 12000 a year. If you need to receive 8300 a month at the point of retirement how much money do you need to set aside to today monthly with an average rate return of 8%.

Need the calculator calculation such as the N, PV, FV, I, PMT. No need for equations.

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## Step by Step Answer:

**Related Book For**

## Fundamentals of corporate finance

**ISBN:** 978-0470876442

2nd Edition

**Authors:** Robert Parrino, David S. Kidwell, Thomas W. Bates