Question
2a. Milo has just become eligible for his employer-sponsored matching 401k retirement plan. Milo is 35 and plans to retire at 65. Milo calculates that
2a. Milo has just become eligible for his employer-sponsored matching 401k retirement plan. Milo is 35 and plans to retire at 65. Milo calculates that he can contribute $3,000 per year to his plan. Milo's employer will match this amount. If Milo can earn a 9% return on his investment, how much will he have at retirement?
2b. how much would Milo have at retirement if he had started to contribute to this plan at the same amount with the same employer matching but began at age 50 and still retired at 65?
2c. how much would Milo have at retirement if he had started to contribute to this plan at age 50 but decided to increase his contribution to $5,000, and his employer matched the full amount, and still retired at 65?
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