Create an Excel spreadsheet that projects your savings balances every year until retirement, and the income you can generate in retirement from your savings Include columns for 1 years: 2. savings balance 3. Investment returns: 4. annual new savings investment from your salary. Note that each year's balance equals the prior year's balance plus investment returns, plus additional savings. See below Interest Rate 5.00% Annual Savings 6,000.00 Year 2020 2021 2022 Balance 500.00 6,525.00 12.851.25 Returns 25.00 326.25 642.56 Annual Savings 6,000.00 6,000.00 6,000.00 Retirement Year! 770.734.57 Retirement Annuity 50.137.39 Use assumptions that make sense for you. For example: For investment returns, put in a value between 2 and 7 percent, depending on how risky your investment plan is (savings accounts vs. stocks) If you have no savings, put zero for the initial balance For annual new savings, put 10-20% of the income you expect to earn after you graduate. This is a rule-of-thumb savings rate for a comfortable retirement The retirement annuity is the amount of money you can spend from your savings every year. You'll need to estimate how long you will live when retired. To calculate the retirement annuity, use the PMT function What is your conclusion? Will you have enough with which to retire comfortably