Question

Suppose that you just turned 25, plan to retire at 65, and estimate that you will...

Suppose that you just turned 25, plan to retire at 65, and estimate that you will need $10,366 per month at the end of each month upon retirement for the next 30 years. How much do you need to contribute at the end of each month until you reach age 60? Assume your estimated return is 9.5% EAR, that you have $10,000 already invested, and the funds will continue to earn interest to age 65, even though you will not continue contributing after age 60.

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Suppose that you just turned 25, plan to retire at 65, and estimate that you will...
Suppose that you just turned 25, plan to retire at 65, and estimate that you will need $9,909 per month at the end of each month upon retirement for the next 30 years. How much do you need to contribute at the end of each month until you reach age 60? Assume your estimated return is 5.0% EAR, that you have $10,000 already invested, and the funds will continue to earn interest to age 65, even though you will not...
Suppose that you just turned 25, plan to retire at 65, and estimate that you will...
Suppose that you just turned 25, plan to retire at 65, and estimate that you will need $9,909 per month at the end of each month upon retirement for the next 30 years. How much do you need to contribute at the end of each month until you reach age 60? Assume your estimated return is 5.0% EAR, that you have $10,000 already invested, and the funds will continue to earn interest to age 65, even though you will not...
you just turned 25 years and want to retire when you turn 65. you plan to...
you just turned 25 years and want to retire when you turn 65. you plan to put $3,500 every year into retirement account from which youncan withdraw money after retirement without having to pay any taxes. you expect to earn a return of 7% on your investments every year. how much money you can expect to have at age 65 if you make your annual deposit now and your last one on the day you turn64?
You just celebrated your 40th birthday. You plan to retire when you turn 65. Today you...
You just celebrated your 40th birthday. You plan to retire when you turn 65. Today you have $105,736.62 accumulated in your retirement plan and plan to continue adding money each month to your retirement plan for exactly 25 years, starting one month from now. When you retire you will receive a $40,000 retirement bonus from your employer and will immediately deposit the money into your retirement plan. You will then use the accumulated funds to purchase an annuity that will...
You just turned 28 and are now seriously planning for your retirement. You wish to retire...
You just turned 28 and are now seriously planning for your retirement. You wish to retire two years earlier than the mandatory retirement age of 65. You hope to be able to make end-of-month withdrawals from your retirement account of P25,000 per month for a 30-year period after that. Your plan is to fund your retirement by making monthly deposits between now and when you retire. The initial monthly deposit will be made at the end of the coming month....
You have just turned 40 years old and are trying to decide who much money to...
You have just turned 40 years old and are trying to decide who much money to put into your retirement plan. The plan works as follows: Every dollar in the plan earns 7% per year. You cannot make withdrawals until you retire on your sixty-fifth birthday. After that point, you can make withdrawals as you see fit. You decide that you will plan to live to 95 and work until your turn 65. You estimate that to live comfortably in...
You have just turned 40 years old and are trying to decide who much money to...
You have just turned 40 years old and are trying to decide who much money to put into your retirement plan. The plan works as follows: Every dollar in the plan earns 7% per year. You cannot make withdrawals until you retire on your sixty-fifth birthday. After that point, you can make withdrawals as you see fit. You decide that you will plan to live to 95 and work until your turn 65. You estimate that to live comfortably in...
You have just turned 40 years old and are trying to decide who much money to...
You have just turned 40 years old and are trying to decide who much money to put into your retirement plan. The plan works as follows: Every dollar in the plan earns 7% per year. You cannot make withdrawals until you retire on your sixty-fifth birthday. After that point, you can make withdrawals as you see fit. You decide that you will plan to live to 95 and work until your turn 65. You estimate that to live comfortably in...
You just turned 20 years old and want to retire when you turn 65. You plan...
You just turned 20 years old and want to retire when you turn 65. You plan to put $3,500 every year into a ROTH IRA, a retirement account from which you can withdraw money after retirement without having to pay any taxes. You expect to earn a return of 4% on your investments every year.   1. How much money can you expect to have at age 65 if you make your first annual deposit now and your last one on...
Suppose that you are just about to retire, and you just turned 65. Your personal and...
Suppose that you are just about to retire, and you just turned 65. Your personal and family health history is such that you forecast that you will live to age 79. In retirement, you would like to have purchasing power of $60,000 (i.e., real dollars) before taxes. Suppose, for our example, that you anticipate receiving $20,000 in inflation-adjusted Social Security payments each year. Hence, your portfolio will need to provide $40,000 in real dollars each year. Assume that each payment...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT