Question
You are 30 years old and want to retire at 55. However, you do not want to start withdrawing your retirement accounts and social security
You are 30 years old and want to retire at 55. However, you do not want to start withdrawing your retirement accounts and social security until 62. You must, therefore, fund 7 years worth of living expenses and you estimate youll need $5,750 per month during that period. You can earn 3% on any money invested during the 55-62 time period and can earn 6% annually on your investments prior to age 55. How much do you need to have saved up the day you retire to make it through to age 62? How much must you invest at the end of each month starting next month to fund your early retirement?
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