Now let’s assume you are 10 years into saving for your retirement, so 10 years older than what you chose as your age now and assume you earned 2% less than expected on your investments and you ended up putting away only half as much as you assumed above. Now calculate the equal annual amount you would need to save every year to still save to the amount in part 3, assuming you can now earned the assumed investment rate.
-Answer to part 3: 3,891,461.89
-Other information:
Age Now: 22
Age at Retirement: 55
Age Want to Receive Retirement Income Until: 90
Investment Rate: 9%
Inflation Rate: 2%
Current Year's Salary: 60,000
Amount You Have Already Saved for Retirement: 1,000
Amount You Want to Leave to Heirs: