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You are 2 5 years old and want to retire at age 6 5 . You have already saved $ 4 5 0 0 0

You are 25 years old and want to retire at age 65. You have already saved $45000 in your retirement savings account. Each month, starting one month from now, you will deposit an equal amount into this same savings account which pays 6.25% interest annually, compounded monthly. The last deposit will be on your 65th birthday. On your 65th birthday you will switch the accumulated savings into a bank account that pays 4.75% interest annually, compounded monthly. You will withdraw your monthly income of $10500 at the end that month (one month after your 65th birthday) and each subsequent month until your 95 birthday. On that birthday you want to give $875000 to your children. How much do you have to save each month to make this retirement plan happen?

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