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Today is your 40th birthday. You expect to retire at age 65, and actuarial tables suggest that you will live up to 100 years old.
Today is your 40th birthday. You expect to retire at age 65, and actuarial tables suggest that you will live up to 100 years old. Upon reaching retirement age, you plan to move to your hometown which may cost you $200,000. While your annual living expenses expected to be $25,000 a year after that. In this case, you expect to earn an annual return of 7% from your savings.
determine your lump-sum needed of accumulation retirement wealth in order for you to plan for retirement savings
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