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How much to save for retirement every year

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Reference no: EM133137416

Question - Retirement needs at the age below

Current age 45

Retirement age 67

Life expectancy 95

The current income level is $250000

Income replacement ratio 80%

Social security benefit today's value 28000

Inflation 3% pre-retirement income rate 8%

Replacement rate 6.5%

Required -

1. How much to save for retirement today?

2. How much to save for retirement every year?

Reference no: EM133137416

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