Many people believe that it will be up to individuals to assume more responsibility for their income retirement. Assume you are 22 yrs old and plan to retire at age 62. (Show your calculations or the process used to calculate the values)

How much will you have in your retirement account if you invest just $1000 a year for the next 40 years? (The Future Value of an Annuity)

Assume a 6 % rate of return (bonds)

Assume a 9 % rate of return (A blended portfolio of bonds and stock)

Assume an 11% rate of return (A blend of various bonds, real estate mutual funds, international funds and stock funds)

What do these calculations suggest about how a young person should plan and save for retirement?