Alison is currently 35 years old. On Alison’s 21st birthday she started saving $1500 per year. She saved for 15 years and made her last deposit of $1500 on her 35th birthday. Throughout this 15 year period she earned 7% on her savings. For the next 30 years (ages 35-65) her money will grow at 2% interest. Approximately, how much will she have in her savings account in her 65th birthday. $38,000 $68,000 $168,000 $135,000 $61,000

Q: Katie is 25 years old and wants to save $1 million for retirement in 40 years. Assume she invests in…

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Q: Leila is saving for her retirement by making deposits of $22,000 on each birthday into a savings…

A:

Q: subsequent year until your 85th birthday. On that birthday you want to give $1,000,000 to your…

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Q: Starting at age 50, a woman puts $1800 at the end of each quarter into a retirement account that…

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Q: How long (in years) will it take for her investment to amount to $6,000?

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Q: Your sister just deposited $6,500 into an investment account. She believes that she will earn an…

A: The objective of the question is to find out how much more you need to deposit today in order to…

Q: 11. Zoe has been depositing $900 every month into her retirement account for 35 years. The annual…

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Q: An individual wants to retire in 25 years and requires $300,000 in savings at that time. The…

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Q: Please help me answer the following time value of money question Joseph wants to have a quarter of…

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Q: Twenty years ahead of her retirement, Kelly opened a savings account that earns 5% interest rate…

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Q: Jules deposits $70 each month into a 401(k) savings account paying 3.59% annually, and her employer…

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Q: fter retiring, Sofía wants to be able to withdraw $8,500.00 every quarter from her account for 33…

A: There is need of proper planning for retirement and if you do that properly than you can achieve…

Q: Debbie is 22. She wants to invest part of her monthly salary in order to have $760,000 when she…

A: Compound = Monthly = 12Future Value = fv = $760,000Time = t = (66 - 22) * 12 = 528Interest Rate = r…

Q: Sam Trunk just turned 35. Till now he has no savings and wants to retire at age 65. Sam and his wife…

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Q: A 40-year-old woman decides to put funds into a retirement plan. She can save $2,000 a year and earn…

A:

Q: Michelle is 25 years old and has decided to start a retirement program. Beginning in exactly one…

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Q: 28-year old Kathy has decided to contribute $3000 once every year into her retirement account that…

A:

Q: a couple has 25,000 in their retirement savings today. How many years do they have to save at 6%,…

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Q: How much does Jeanette need in her account when she retires?

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Q: You are 40 years old and want to retire at age 60. Each year, starting one year from now, you will…

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Q: Am. 111.

A: a. Accumulated savings: $545,783.26They will save $24,000 each year for 8 years, resulting in =…

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Q: Van, age 40, is starting his savings plan this year by putting away $2,200.00 at the end of every…

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Q: what will be the balance of her account after 30 more years assuming the same 8% interest

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Q: Michelle Payne deposited $24,000 in a savings account paying 6.25% simple interest. How long (in…

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Q: Eve is 20 years old and wants to save $2 million for retirement at age 60. Assume she invests in a…

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Q: Michelle Payne deposited $16,000 in a savings account paying 6.25% simple interest. How long (in…

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Q: You celebrated your 20th birthday this morning. Your grandmother generously gave you $24,000. You…

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Retirement Income

Retirement income is the income received by the retiring person after retirement. Income can either be paid every month or paid annually. The retiree would get a guaranteed income until their death. Retirement income payment differs from person to person based on their investment type and payment method. Some are paid on a lump-sum basis and some are paid in a regular series with fixed payment or variable cash flow. Retirement income can be created from retirement savings, investment, salary, bonus, and wages from employment. Every working individual should plan their retirement income according to their income goals for the future. The plan should be made by identifying suitable income sources, estimating future expenses, applying a savings plan, and managing risk and assets. The most common age for retirement is between 60-65 years.