How much will Jimmy need to save per month to pay for Jane and his retirement
How much will Jimmy need to save per month to pay for Jane and his retirement income for 25 years assuming that Jimmy can earn 8.0% per year, compounding monthly, on the invested funds. Assume Jimmy and Jane stop saving in 40 years when they reach 65, and funds are then held in a savings account earning zero. Further, assume that the 401k is NOT used for income, as it will be needed for a vacation home transition. (Hint: Use $6,000,000 as your total future value variable.) Money needed for retirement 50k present annual amount. inflation is at 3% yearly
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How much will Jimmy need to save per month to pay for Jane and his retirement
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