NUMERIC RESPONSE

Agnes is 40 years old. She wants to know how much she should be saving each year for retirement. Below are the specifics: - She wants to retire at 60 and expects to live until she's 90 - She currently makes $45,000 and expects that to increase each year with inflation. She thinks she will need about 70% of that to live on in retirement. - She has $40,000 in an RRSP - Her investments are earning a real rate of 6% return before retirement. - When she retires she will move her investments into a more conservative portfolio and earn 3% per year. - She expects that CPP will be about $15,000 per year in today's dollars. CPP amount is inflation adjusted. How much does she need to have saved at the time she retires (in real dollars)? Agnes is 40 years old. She wants to know how much she should be saving each year for retirement. Below are the specifics: - She wants to retire at 60 and expects to live until she's 90 - She currently makes $45,000 and expects that to increase each year with inflation. She thinks she will need about 70% of that to live on in retirement. - She has $40,000 in an RRSP - Her investments are earning a real rate of 6% return before retirement. - When she retires she will move her investments into a more conservative portfolio and earn 3% per year. - She expects that CPP will be about $15,000 per year in today's dollars. CPP amount is inflation adjusted. How much does she need to have saved at the time she retires (in real dollars)