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You can begin taking steps to prepare for retirement right now. Let's say you have a tight budget that does not allow a maximum contribution
You can begin taking steps to prepare for retirement right now. Let's say you have a tight budget that does not allow a maximum contribution to a defined contribution plan, but you can save $4,770 per year into a plan. How much will you accumulate by age 55 if you start saving at age 29 and can earn a 10% annualized rate of return on your investments? How much will the account be worth if you continue contributing until you reach age 65? (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places e.g. 58,971 .) Investing $4,770 per year for 26 years at 10% will result in $ Investing $4,770 per year for 36 years at 10% will result in $
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