Gus would like to retire in 10 years when he turns 62. He wa…
Gus would like to retire in 10 years when he turns 62. He wants to have enough money to replace 60% of his current income of $150,000 less the $10,000 he expects to receive from Social Security. Gus is conservative and wants to assume a 6% annual investment rate of return and that inflation will be 3.5% per year. Based on his family history, Gus expects that he will live to be 98 years old. Based upon this information, how much will he need at retirement (annuity method)?
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