Consider that you are 45 years old and have just changed to a new job. You have $156,000 in the retirement plan from your former employer. You can roll that money into the retirement plan of the new employer. You will also contribute $7,800 each year into your new employer's plan. If the rolled-over money and the new contributions both earn a return of 8 percent, how much should you expect to have when you retire in 20 years? Note: Do not round intermediate calculations and round your final answer to 2 decimal places. Future value S 727,109.31

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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.