You will retire in thirty years. You believe that you will need to spend $50,000 (in todays

Question:

You will retire in thirty years. You believe that you will need to spend

$50,000 (in today’s dollars) every year during retirement. Suppose that the interest rate and the inflation rate are expected to be 6%

p.a. and 2% p.a., respectively (both rates are annual-compounding rates). If you expect to live for twenty-five years after retirement, how much money do you need to have at the start of retirement? Assume for simplicity that all expenses occur at the end of year.

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