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How much do they need at retirement

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Question - You are a financial advisor and you just got a family as a new client. They will need an extra $7000 (in today's dollars) a month and would like to maintain this spending during retirement after adjusting for inflation. They are both 40 years old and have accumulated $225,000 and they currently save $5000 a year for investment purposes. It is your job to figure out how to invest those assets. Currently they make $125,000 of income and they have been getting a 2% raise each year.

1. What age do you recommend they retire? Why?

2. What should their rate of return be?

3. How much do they need at retirement?

Reference no: EM133051654

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