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Ishan and Hazel plan to retire at age 60 with a retirement income of $48,000 a year from their savings. Rather than pay themselves the whole amount at the beginning of each year, they have decided that payment at the beginning of each quarter of $12,000 gives them the right balance of flexibility and maximized interest earnings. They feel they can safely earn an interest rate of 6.5%, compounded quarterly, on their money and they are budgeting based on the prediction that they will live until they are 90 years old.
Question 1: How much money will they have to have saved by the time they are 60 in order to reach their retirement goal?
Question 2: If the same total calculated above was to be saved, but no interest earned whatsoever, how much would be available to live on each quarter?
Question 3: If the full 30 years are lived and quarterly budget spent, how much money in total will have been utilized in retirement?
Question 4: How much will have been earned in interest?
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