What age would you like to retire, how much money you need per YEAR to...
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What age would you like to retire, how much money you need per YEAR to live on until death, how many years you have to invest until retirement, and how much you would have to invest MONTHLY to achieve your goal. Assume you can invest & get a 9% rate of return.
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The ideal and most common retirement age is 65, going off of the Bureau of Labor Statistics who estimates the average retired American household (a household that is run by someone 65 years and older) spends $45000 a year. In order to afford retirement based on the $45000 allowance and for 25 years, a household would need roughly $1,550,112. With a 9% rate of return and 40 years till retirement as well as investing monthly from age 25. monthly payments would come to $312.73. This problem constitutes investments from personal investment and doesn't account for 401k or other forms of retirement planning. However, it is a rough estimate of what needs to be set aside for retirement.
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