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Calculate yearly pension during retirement

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Reference no: EM133062691

Your client is 20 years old and is earning $50,000 a year.  They expected that their salary will increase each year by the rate of inflation (3%) .  They would like to retire at the age of 60 and estimate that they would need 70% of their final year salary for each year in retirement.  Estimate the rate of return on the RRSP to be 10% compounded annually and the rate of return on the RRIF to be 5% compounded annually.  Your client feels they will live until the age of 85.

Provide answers to the following:

  1. Calculated salary at the age of 60.
  2. Calculated yearly pension during retirement.
  3. Amount of money required in RRIF
  4. The accumulated value in the RRSP
  5. The amount of money needed to contribute each year into the RRSP.

Reference no: EM133062691

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