You can expect to earn around $155,000 in your first year after graduating from the college and you expect to earn a 2% raise each year. a) If you start working when you turn 30, what will your salary be when you are 31? According to financial planners, the average retiree requires approximately 70% of their last year's working salary each year to live comfortably in retirement.  You expect to live until you are 90 years old (for another 25 years) at which point you plan to have spent all your savings. b) If you can earn 7% interest per year.

How much must you have saved when you turn 65 to retire comfortably?