The retirement fund, You started working at the age of 32

The retirement fund

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Reference no: EM13943035

You started working at the age of 32 and thanks to your finance Professor you had religiously invested $300 per month into a fund which was earning 9% per year.

You are currently 42 years old and suddenly retirement at age of 65 seems closer than ever.

Based on your lifestyle and spouse's spending habits you figure that you will probably need an annual income of 100,000 per year, starting at age 66 and continuing until you both turn 85.

If you can continue earning 9% per year on invested funds before and after retirement, how much money will you have to save at the end of each month, to reach your retirement goal?

Assume that the money you have saved up so far will also be left in the retirement fund.

Reference no: EM13943035

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