Question
I need help with this. Not really sure what that means in order to start. I need to construct a rough retirement budget with an
I need help with this. Not really sure what that means in order to start.
I need to construct a rough retirement budget with an average social security check of $1422.00 at 2% inflation until your retirement date. Do the same with your expenses. Determine the difference between expenses and income and then calculate how much you will need to have saved at retirement using both 15% and 20%
Using both numbers determine how much you need to save each month starting at age 25 and age 35.
I'm currently 31 and let's just throw a random expense list together. Maybe $1000 mortgage, electric $120, groceries $700 (family), entertainment/phone- $300, gas-$100, private school tuition-$500 transiting to monthly college stipend after HS graduation, afterschool programs- $150, car insurance - $180, health insurance- $280, misc needs - $300, giving/savings-$680. So, $4310
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started