Planning for retirement income

Reference no: EM13826887

Problem:

John Adams Plans to retire at the age of 62. He wants an annual income of $50000 per year. John is currently is currently 47 years of age. How much does he share to place at the end of each year into a retirement account earning 15% per year in order to have an adequate retirement nest egg at age 62? He believes that he will live to be 87 and plans to earn 12% during retirement. He will draw money at beginning of each year.

Additional Information:

Basically this question belongs to Finance as well as it is about a condition where a person plans to retire by the age of 62. He wants to earn annual income of $50000 per year after retirement. Right now, the person is 47 years old and question is how much does the person needs to save for his retirement has been computed.

Reference no: EM13826887

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