Your monthly expenses when you retire, assuming your house is paid off and that you are not renting, are $1500 a month or $18000 a year (annually – food, gas, utilities, etc.) You are 20 years old and will retire at at 65. You figure you will be in retirement for 20 years and earn a return on your money market of 2% quarterly. How much do you need to save to live when you retire?

Lesson Assignment

Interesting calculations can help you determine how much you need when you retire and how much your money could be worth.

Scenario #1

Use the Retirement Calculator: Your monthly expenses when you retire, assuming your house is paid off and that you are not renting, are $1500 a month or $18000 a year (annually – food, gas, utilities, etc.) You are 20 years old and will retire at at 65. You figure you will be in retirement for 20 years and earn a return on your money market of 2% quarterly. How much do you need to save to live when you retire?

Scenario #2

Use the Savings & Investment Calculator: You were able to save $5000 during your teen years and you want to invest the money. You also want to start contributing $300 a month in mutual funds at age 20, with a return of 10%. How much will this be worth when you retire?

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