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You just graduated from Dowling and received a job offer from a major corporation. The company offers a 401K where they will match your monthly contribution. You are currently 25 year old. Although just entering the work force, you are contemplating retirement and you are thinking about the amount of money you would like to have when you retire (your nest egg). You plan to retire at age 65. You are unable to come up with a number for your nest egg, however you do know that you want to draw on your nest egg to the tune of $60,000 per year for 25 years or until your reach the age of 90.
1. How big of a nest egg do you need to meet your retirement goal of $60,000 per year for 25 years? Assume an annual interest rate of 6%.
Please show work in Excel
2. How much to you have to contribute to your 401K plan each year to reach the above nest egg. Remember that your employer is matching your contribution. Assume an annual interest rate of 5%
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