I need to have 1 billion to prepare for my son's education on his 18th birthday. At the end of each year starting from his next 3rd birthday, I want to invest 30 millions at 10 per cent compounded annually. Find (a) the future value of this annuity (b) the amount interest that the investment earns, (c) do I need to invest more?

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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.