Question
Your client is 30 and now intends to start saving for their retirement. Your client is planning to retire in 40 years (they are behind
Your client is 30 and now intends to start saving for their retirement. Your client is planning to retire in 40 years (they are behind on saving for retirement and have some debts), and can save 18,000 first year, with the saving increasing at 3% every year. Once they retire, how much can they withdraw for 20 years to have a balance of 300,000 left over at the end of 20 years (they are hoping to leave that amount for their heirs). They can earn 8% compound interest per year. Assume the first contribution is made immediately and all payments are made annually.
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