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Start thinking about retirement

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You have finished your time at School and need to start thinking about retirement. You plan on working for 30 more years and then retire. Upon your retirement 30 years from today, you plan to have enough money to withdraw $10,000 per month, with the first payment coming exactly one month after your retirement day. You expect your retirement account to earn a return of 8% APR (stated rate), compounded monthly, on all funds in the retirement account. Assuming you want to draw on the retirement fund for 20 years after your retirement (240 monthly payments), calculate how much money do you need to invest in the account annually, with the first payment being made today and the last payment occurring one year prior to the day of your retirement (30 total payments into the retirement account) to cover your planned withdrawals?

Reference no: EM131074042

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