Question
How much money do you need to live comfortably each year? Everyone could have different answer here. So, lets make it 1million here, and this
How much money do you need to live comfortably each year? Everyone could have different answer here. So, lets make it 1million here, and this will be your annual income at retirement with this same purchasing power. 1) Lets say you plan to retire in the next 23 years, and this annual income needs to cover for the inflation by the time you retire. Inflation happens to be on average about 3.00% per year. How much will your annual income be at the beginning of your retirement? This is what you will be needing each year at retirement. Hint: Use Future Value of a Lump Sum formula
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