Onin plans on retiring on his 60th birthday. He wants to put the same amount of funds aside each year for the next 20 years, starting next year so he will be able to withdraw 40,000 per year for the next 20 years when he retires with his first withdrawal on his 61st birthday. He is 30 years old today. How much must he set aside each year for his retirement if he can earn 10% compounded semi annually on his funds?

Q: how long in years and months will she receive the payments

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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.