You plan to retire after working for 45 years. You estimate you need 1 million to retire and live comfortably. Assume time zero is today and you will retire at the end of 45 years. Other opportunities exist to invest available capital elsewhere and earn a nominal 12% interest rate each year compounded annually. What amount would you need to invest today (time zero) to fully fund your retirement of $ 1,000,000 at the end of year 45? What amount would you need to invest each year, including today (Year O through 45), to fully fund your retirement goal?

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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.