Question

You retire at 56 and expect to live until 67. you figure that you can live on $30000per year.

Answer 1

describe the calculation you need to make to determine how much you must save the age of 56 to get $30000 per year. interest rate is 6 years.

Answer 2

"You retire at 56 and expect to live until 67"

how many years will you live where you do not work?

Answer 3

it does not mention on my sheet..

Answer 4

it doesn't have to, you can easily calculate that

Answer 5

11 years!

Answer 6

you figure you can live off of $30,000 a year

so how much total must you save up?

Answer 7

330000!

Answer 8

correct, $330,000

Answer 9

its not finished right?

Answer 10

interest rate is 6%

Answer 11

Does it say when you deposit?

Answer 12

it says how much you must save the age of 56 to get $30000 per year. interest rate is 6 years.

Answer 13

but that's the age where you retire

Answer 14

does give you an age where you deposit the money before you retire?