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Planning for Retirement Income

Starting with your current situation, describe what you must do to ensure an annual retirement income of $60,000 starting at age 65.

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The answer to this question would be based on specific information, including your current potential for savings, age, and the interest rate at which you were to invest your savings. To reach a target retirement income of $60,000 per year, you would have to save approximately $1 million because current research indicates that you wouldn't want to withdraw more than 6% per year in order to continue to ...

Solution Summary

This solution describes the steps you would want to take based on your current situation, to ensure an annual retirement income of $60,000 starting at age 65.

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