# The amount to save annually should be approximately $18,365.09. • MHB • jdulude Again, if you show us what you get when you plug in the given data, we can show you where you are making mistakes. jdulude You have just turned 24, and you intend to start saving for your retirement. You plan to retire in 42 years when you turn 66. During your retirement you would like to have an annual income of$120,000 per year for the next 28 years (until age 94).
-Calculate how much has to be in your account before the first withdrawal at age 67.
-Calculate how much would have to save annually between now and age 67 in order to finance your retirement income and to fill that account.
Make the following assumptions:
-Assume that the relevant compounded interest rate is 4.0 percent for all 70 years
- You make the first payment today and the last payment on the day you turn 66.
-You make the first withdrawal when you turn 67 and the last withdrawal when you turn 94.

k=0.04 n=
These are the type of question that will be on the test and I need to practice
Please help me get on the right path I am sure it is an annuity formula, but I need help solving it

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I can't find a question in the book to help with this problem

the formula I am using is

A[(1-(1+k)^(-n))/k]

Without knowing what formula(s) you are to use, this is how I would approach the problem from a purely algebraic perspective.

## 1. What is retirement finance?

Retirement finance refers to the financial planning and management strategies used to ensure a comfortable and stable income during retirement. This includes saving and investing money throughout one's working years to support oneself in retirement.

## 2. When should I start planning for retirement?

It is recommended to start planning for retirement as soon as possible, ideally in your 20s or 30s. This allows for more time to save and invest, and can result in a larger retirement fund. However, it is never too late to start planning and making contributions towards retirement.

## 3. How much money do I need to save for retirement?

The amount of money needed for retirement varies for each individual based on their desired lifestyle and retirement goals. However, a general rule of thumb is to aim for saving 10-15% of your annual income for retirement. It is important to regularly reassess and adjust your savings plan as needed.

## 4. What are the best ways to save for retirement?

The most common and effective ways to save for retirement include contributing to a 401(k) or other employer-sponsored retirement plan, opening an Individual Retirement Account (IRA), and investing in stocks, bonds, and other types of securities. It is important to diversify your investments and regularly review and adjust your portfolio as needed.

## 5. How can I ensure a stable income during retirement?

To ensure a stable income during retirement, it is important to have a well-planned and diversified retirement portfolio, as well as a budget and financial plan in place. It is also recommended to consider potential healthcare and long-term care expenses in retirement and have a plan for managing these costs. It may also be beneficial to consider part-time work or other sources of income during retirement.

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