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How much will reed need to have accumulated on the day

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Problem 1: Reed, age 45, has come to you for help in planning his retirement. He works for a manufacturing company, where he earns a salary of $75,000. Reed would like to retire at age 65. He feels this is a realistic goal because he has consistently earned 9% on his investments and inflation has only averaged 3%. Assuming he is expected to live until age 90 and he has a wage replacement ratio of 80%, how much will Reed need to have accumulated on the day that he retires to adequately provide for his retirement lifestyle?

A. $1,863,311
B. $1,490,649
C. $1,408,595
D. $1,160,240

Reference no: EM132713009

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