A colleague of mine feels that he will need $1 million in savings

Question

A colleague of mine feels that he will need $1 million in savings to afford to retire at age 65 and still maintain his current standard of living.? A younger colleague, age 30, decides to begin saving for retirement based on that advice.? How much does the younger colleague need to save per month to have $1 million at retirement if the fund earns a steady 3% annual interest compounded monthly?

Answer 1

Please search for the file "Annuities" I have placed in my locker. This may be of help to you.

 

Reply back if you need further assistance.