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XII. INVESTING FOR RETIREMENT You have decided that you want to build enough retirement wealth that, if invested at 8%/yr, will provide you with $3500 monthly income for 20 yrs. To date, you have saved nothing, but you still have 30 yrs until you retire. How much money do you need to contribute per month to reach your goal? Monthly Savings Monthly Spending 8% ? ? $3500 $3500$3500 28 29 30 31 50 (600 MOs To resolve this problem, there are 2 pieces to be determined. 15t, you need to calculate the PV (at Yr 30) of spending $3500/mos for the retirement period (Yr 30-50). With that, you can then determine the monthly savings required during the savings period (Yr 0-30) to support that retirement. Here's the calculation to determine the PV of planned retirement spendin PV PMT FV 1st Calculation 2nd Calculation PMT =