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Personal Retirement Plan - Assignment Example

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Summary

The paper "Personal Retirement Plan" highlights that having an initial $50,000 in the account would provide an alternative source of money during retirement. In fact, putting the money in compound interest will enable acquire $748722.89 by the time of retirement. …

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Subject: Finance & Accounting
Type: Assignment
Level: High School
Pages: 1 (250 words)
Downloads: 2
Author: harveyleslie

Extract of sample "Personal Retirement Plan"

I believe I will retire when I am no longer in a healthy condition to serve society to the fullest.

Since I started work early, I will start to save when I am twenty years. The real rate of return is 7%, the years of retirement are twenty, and living expenses need are $36,000. The savings needed by the time I retire at 60 years old will be $513,537. Calculating the present value after retirement at 4 percent, I will remain with $37,800 by my 80th year.

It is well known that the future value of money will change as a result of inflation. If the rate of inflation remains at a standard 3% throughout my lifetime, the future value of my savings of $513,537 over forty years until the time I retire will be $1,675,177.10. When I consider the 3% inflation rate, the annual amount of money I will require to save will become $44,809.38 annually. As such I will need to save about $3,734.12 every month. Read More

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