6. You are currently 40 years old with $125,000 of savings. You want to retire at the age of 65 with a monthly income of $5,000. You expect to live to the age of 90. If you can earn 8%, compounded monthly, from today until you die: How much do you need to save each month for the next 25 years? (Nothing - we can spend $284 per month from our existing savings for the next 25 years and still reach our retirement spending goals) If you already have more than you need, how much can you leave for your kids when you die? ($1,979,641)