Ingore effect of taxes-mentioned objectives

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INGORE effect of taxes. Additionally assume all dollar amounts and discount rates are REAL. Today at age 45, Ken is meeting his financial advisor, Barbie, to set up a retirement plan. Ken is currently making $12,000 per month. His employer sets aside $500 monthly towards his retirement. Ken plans to start his retirement at age 75 and he does not expect to receive any income other than what his retirement plan generates. At the time he retires, Ken expects to live another 40 years. Ken desires to bequeath $3,000,000 for his heirs upon his passing. He wants to spend at least $12,000 per month during his retirement years. How much does he need to save every month to achieve all above-mentioned objectives? [Barbie recommend investing in a blend portfolio which is expected to generate 7% per year in the long-run]

Reference no: EM131059751

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