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You just turned 21 years old and want to retire when you turn 65.You expect to live for 25 years after retirement and want to
You just turned 21 years old and want to retire when you turn 65.You expect to live for 25 years after retirement and want to withdraw $8000 per month in retirement, starting one month after your 65th birthday. You expect to earn a return of 0.7% on your investments every month.
1How much retirement money do you need to have by 65th birthday to support the withdrawal?
2) How much should you save each month if you make the first deposit one month from now and the last one on 65th birthday?
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