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Determine how much Mr Del Valle must save

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Question - Mr. Del Valle is 54 years old and plans to retire in 8 years. He wants to live at least 20 years after he retires. He has $ 125,000 in savings and expects to earn 7% annual interest. He expects to have an income of $ 45,000, the same that he currently receives from the work he does. Del Valle will begin receiving the benefit from him after 8 years biweekly (24 payments per year) after he retires. Annual inflation is expected to reach 5%. Determine how much Mr. Del Valle must save over the next 8 years to meet the retirement goal.

Reference no: EM132848789

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