If your goal is to retire with at least $1 million, how long would it take—and how much would you need to invest each month—if y

Question

Vikentia [17]

3 years ago

9

If your goal is to retire with at least $1 million, how long would it take—and how much would you need to invest each month—if y

our anticipated rate of return is 10%? At what age could you retire if you started investing at age 25?

Mathematics

2 answers:

Stolb23 [73] · Answer 1 · 2022-08-21T03:44:02+03:00

Stolb23 [73]3 years ago

5 0

Answer:

Step-by-step explanation:

1 MILLLON X 25 AND YOUR ANSWER IS 25 MILLON

Aleks [24] · Answer 2 · 2022-08-21T05:41:54+03:00

Answer:

There is no simple one size fits all answer to this question, because I need a few more variables to solve it. Or you can go to bankrate.com and use the millionaire calculator and figure it out on your own. I put a sample in the photo.

Hope this helps!;)

Step-by-step explanation:

1. Your age= 25

2. Target age=? obviously you don't want to be too old to spend it.

3. Current investments=? how much are you starting with 0 or more?

4. Savings per month=? only you know how much you can set aside out of your income

5. Expected rate of return=10%

6. Expected inflation rate= 2.9% (last I heard 2021)