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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 $6,480 per year into a plan. How much will you accumulate at age 55 if you start saving at age 25 and can earn a 9% annualized rate of return on your investments? How much will the account be worth it you continue contributing until you reach age 65? (Round answers to decimal places, 6.8.5,275.) Investing 56,480 per year for 30 years at 9% will result in $ Investing $6.480 per year for 40 years at 9% will result in $
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