Given your age (28 years & 11 months), and assume average stock market return is 10%...
Given your age (28 years & 11 months), and assume average stock market return is 10% per year; how much per month you should save (In IRA or IRA type, tax defer) in order to accumulate $1,000,000.00 when you get to 67 retirement age?
Homework Answers
Months to reach 67 Years age = 1 Month for 29 years + 456 Months ((67 - 29) * 12)
Amount to be saved each month = 10000000 / 9337.74
Amount to be saved each month = $107.09
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