Question
I plan on retiring at 70 years of age, I want to retire with a net income of $105,000 a year, total. I anticipate that
I plan on retiring at 70 years of age, I want to retire with a net income of $105,000 a year, total. I anticipate that social security will fund $20,000 of this total, but the social security will be taxable at 25%. The other portion is a ROTH IRA and not taxable at retirement.
How much will I need to have earned to fund this retirement at age 70 if I believe that I can retire for 30 years, to age 100, (no money left at 100, so it will be an annuity type investment, not perpetuity). I plan on earning 3.9% on my nest egg, or retirement savings for those 30 years. (lump sum). Round to the nearest dollar.
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