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Agnes is 40 years old. She wants to know how much she should be saving each year for retirement. Below are the specifics: She wants

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Agnes is 40 years old. She wants to know how much she should be saving each year for retirement. Below are the specifics: She wants to retire at 60 and expects to live until she's 90 . She currently makes $45,000 and expects that to increase each year with inflation (2%). She thinks she will need about 70% of that to live on in retirement. She has $40,000 in an RRSP Her investments are earning a real rate of 7% When she retires she will move her investments into a more conservative portfolio and earn 3% per year. She expects that CPP will be about $15,000 per year. How much does she need to have saved at the time she retires? (Omit the $ from answer)

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