Assume you are a single individual with a starting salary of 80K. Forecast your wages, costs and savings for the next 40 years, based on a combined effective tax rate of 35% on your gross wages and that your wages grow by 5% per annum. Assume all costs during your life are using after tax dollars and that your costs grow by 3% per annum. Assume only after-tax savings, no 401K/IRA and that your saving grew at a pre-tax rate of 6%.

1. How much money will you have saved after 10 years, 20 years and 40 years before deducting the cost of major expenditures like a car, home or kids?
2. How much money will you need in retirement saving as a multiple of your annual wages?
3. What steps can you take to maximize your retirement saving?
4. What percentage of your retirement income will be met by social security?