John Adams Plans to retire at the age of 62. He wants an annual income of $50000 per year. John is currently is currently 47 years of age. How much does he share to place at the end of each year into a retirement account earning 15% per year in order to have an adequate retirement nest egg at age 62? He believes that he will live to be 87 and plans to earn 12% during retirement. He will draw money at beginning of each year.
The question belongs to Finance and it is about a scenario where a person plans to retire by the age of 62. He wants to earn an annual income of $50000 per year after retirement. Right now, the person is 47 years old and the question is how much does the person needs to save for his retirement has been calculated.
Total Word Count 62