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2 . According to financial planners, the average retiree requires approximately 7 0 % of their last year s working salary each year to live
According to financial planners, the average retiree requires approximately of their last years working salary each year to live comfortably in retirement. Assume that you want to earn a fixed amount of interest each year in retirement. Your goal is to spend only the interest and still live comfortably; thus, you will be able to spend the same amount of money each year foreve. Assume you retire at and can earn a return on your retirement savings, how much must You have saved to live only off the interest?
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