Future retirement income and expense projections

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Reference no: EM131974367

Peter and Blair recently reviewed their future retirement income and expense projections. They hope to retire in 29 years and anticipate they will need funding for an additional 21 years. They determined that they would have a retirement income of $62304 in today's dollars, but they would actually need $45000 in retirement income to meet all of their objectives. Calculate the total amount that Peter and Blair must save if they wish to completely fund their income shortfall, assuming a 4 percent inflation rate and a return of 8 percent. The total amount that Peter and Blair must save if they wish to completely fund their income shortfall, assuming a 4 percent inflation rate and a return of 8 percent is $______________.

Reference no: EM131974367

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