You have just turned $35,$ and you intend to start saving for your retirement. Once you retire in $30$ years $($when you turn $65),$ you would like to have an income of $$100,000$ per year for the next $20$ years. Calculate how much you would have to save between now and age $65$ in order to finance your retirement income. Make the following assumptions:

$$All savings draw compound interest of $10\%$ per year.

$$You make the first payment today and the last payment on the day you turn $64(30$ payments$).$

$$You make the first withdrawal when you turn $65$ and the last withdrawal when you turn $84(20$ payments$).$You have just turned $35,$ and you intend to start saving for your retirement. Once you retire in $30$ years $($when you turn $65),$ you would like to have an income of $$100,000$ per year for the next $20$ years. Calculate how much you would have to save between now and age $65$ in order to finance your retirement income. Make the following assumptions:

$$All savings draw compound interest of $10\%$ per year.

$$You make the first payment today and the last payment on the day you turn $64(30$ payments$).$

$$You make the first withdrawal when you turn $65$ and the last withdrawal when you turn $84(20$ payments$).$SAVING FOR RETIREMENT