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You have just turned 3 0 years old, have just received your MBA, and have accepted your first job. Now you must decide how much
You have just turned years old, have just received your MBA, and have accepted your first job. Now you must decide how much money to put into your retirement plan. You are required to specify a fixed percentage of your salary that you want to contribute. Assume that your starting salary is $ per year and it will grow per year until you retire. Every dollar in the plan earns per year. You cannot make withdrawals until you retire on your sixtyfifth birthday. After that point, you can make withdrawals as you see fit. You decide that you will plan to live to and work until you turn You estimate that to live comfortably in retirement, you will need $ per year starting at the end of the first year of retirement and ending on your th birthday. What percentage of your income do you need to contribute to the plan every year to fund your retirement income?
The fraction of your salary that you should save is Round to two decimal places.
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