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Your father, age 50, has saved $120,000 on his Roth IRA account for his retirement income. He plans to deposit $6,000 at the beginning of each year for the next 16 years (total of 17 deposits & the last deposit will be at his 66thbirthday) into an account that would yield 8% return a year. Upon retirement at his 67th birthday, he plans to purchase a 25-year (immediate) annuity at 6% APR that will pay the same amount at the beginning of each year (i.e., the first payment will be at his 67th birthday).
a). How much would he have at age 67?
b). How much would he receive every year from the (25-year) annuity?
c). If inflation rates are expected to be 3% a year, how much is worth today of the first payment from the annuity?
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Your parents will retire in 28 years. They currently have $280,000, and they think they will need $1,250,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds?
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