Texas required state savings: $765,000

Never Too Young to Start Planning for Retirement This exercise will give you an opportunity to apply time value of money principles to a practical situation - retirement planning. Look at this information about savings necessary for a "comfortable retirement". Comfortable Retirement (How Much.net, a financial literacy website) 1. Pick a state you might want to retire in and determine the current savings number for someone retiring in that state. State Savings Required (from website) 2. Using what we've learned this week, calculate the annual income that amount of savings would generate for the number of years you will be retired. (Yes, you will have to estimate your retirement age, how long you will live, and a rate of return on the money while it is invested.) Enter your answer as Projected Retirement Income and your assumptions and your financial calculator entries below. Estimated length of my retirement. (age at death Financial Calculator Entries minus retirement age) Present Value Estimated Rate of return on Investments during Payments retirement. (You choose. A lower rate is conservative higher rate is risky) Future Value Projected Annual Retirement Income from Payments Annual Rate Periods