You are 35 years old and are considering your retirement needs. you expect to retire at age 65 and your actuarial tables suggest that you will live to be 100. you want to move to the Bahamas whey you retire. you estimate that it will cost you 300,000 to make the move (on your 65th birthday) and that your living expenses will be 30,000 a year (starting at the end of year 66 and continuing through the end of you 100) after that.
If you do not have any current savings and do not expect to be able to start saving money for the next five years, how much would you have to set aside each year after that to be able to afford this retirement?© BrainMass Inc. brainmass.com June 3, 2020, 7:26 pm ad1c9bdddf
Solution provides an Excel spreadsheet showing how much would have to be saved each year for a 35 year old to be able to retire with 30,000 a year in the Bahamas at the age of 65.