Question

Starting at age 20, you start saving for retirement early and put $2,600 yearly into your retirement savings account throughout your 20s. However, when you turn 30, you stop contributing since you have bought a home and started a family and have no additional money left over to save for retirement.

If you receive an average annual return of 6 percent compounded annually, how much will you have in your retirement savings account by age 67?

Answer #1

You are 25 years old and decide to start saving for your
retirement. You plan to save $X at the end of each year (so the
first deposit will be one year from now), and will make the last
deposit when you retire at age 67. Suppose you earn 4% per year on
your retirement savings. You want the present value of your total
retirement savings to be $2Million. How do you need to save each
year (the same amount...

You are 23 years old and decide to start saving for your
retirement. You plan to save $ 6,500 at the end of each year (so
the first deposit will be one year from now), and will make the
last deposit when you retire at age 69. Suppose you earn 12% per
year on your retirement savings.
a. How much will you have saved for retirement?
b. How much will you have saved if you wait until age 40 to...

You are 30 years old and decide to start saving for your
retirement. You plan to save $ 5000 at the end of each year (so
the first deposit will be one year from now), and will make the
last deposit when you retire at age 65 Suppose you earn 11 % per
year on your retirement savings. a. How much will you have saved
for retirement?
b. How much will you have saved if you wait until age 39...

You are
2424
years
old and decide to start saving for your retirement. You plan to
save
$ 6 comma 500$6,500
at
the end of each year (so the first deposit will be
one year from now), and will make the last deposit
when you retire at age
6767.
Suppose
you earn
11 %11%
per
year on your retirement savings.
a.
How much will you have saved for
retirement?
b.
How much will you have saved if you wait until...

You
are 26 years old and decide to start saving for your retirement.
You plan to save $6,000 at the end of each year (so the first
deposit will be one year from now), and will make the last deposit
when you retire at age 65. Suppose you earn 6% per year on your
retirement savings, how much will you have saved for retirement
right at age 65? (Round to the nearest dollar.)

Using Excel
You have just turned 35, and you intend to start saving for your
retirement. Once you retire in 30 years (when you turn 65), you
would like to have an income of $100,000 per year for the next 20
years. Calculate how much you would have to save between now and
age 65 in order to finance your retirement income. Make the
following assumptions: • All savings draw compound interest of 10%
per year.
• You make the...

You are 21 and want to retire at the age of 65. Starting on your
retirement date you’d like to have an annuity paying $50,000 per
year until you are 85. Your uncle is giving you $10,000 this year
to get you started on your savings. How much more would you need to
save each year to finish funding your retirement? Interest rates
are 6%.

We are considering the effects of starting early or late to save
for retirement. Assume that each account considered has an APR of
6% compounded monthly.
Against expert advice, you begin your retirement program at age 40.
You plan to retire at the age of 65. What monthly contributions do
you need to make to save up a nest egg of
$217,699.63?
(Round your answer to the nearest cent.)

5. At the end of this month, you will start saving $150 a month
for retirement through your company’s retirement plan. Your
employer will contribute an additional $.50 for every $1.00 you
save. If you are employed by this firm for 30 more years and earn
an average 12 percent on your retirement savings, how much will you
have in your retirement account 30 years from now?

You want to retire early so you know you must start saving
money. Thus, you have decided to save $6,000 a year, starting now
at age 25. You plan to retire as soon as you can accumulate
$3,000,000. If you can earn an average of 10 percent on your
savings, how old will you be when you retire? 66.25 years 69.15
years 67.77 years 65.13 years

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