Finance: Plan your retirement income for 20 years from now.
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You are 40 years old and plan to retire in exactly 20 years. Starting 21 years from now you will need to with draw $5,000 per year from your retirement fund to supplement your social security payment. If you expect to live to age eighty-five, how much should you place in the retirement fund each year for the next 20 years to reach your retirement goal, assuming you can earn 12% per year on your retirement fund investment? Show your formulas and input.
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This solution is comprised of a detailed explanation to answer how much should you place in the retirement fund each year for the next 20 years to reach your retirement goal, assuming you can earn 12% per year on your retirement fund investment.
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You are 40 years old and plan to retire in exactly 20 years. Starting 21 years from now you will need to with draw $5,000 per year from your retirement fund to supplement your social security payment. If you expect to live to age eighty-five how much should you place in the retirement fund each year for the next ...
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