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Setting up a retirement savings plan

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Axel is setting up a retirement savings plan. He is starting early because he knows that time is of the essence. He is 20 years old. He expects that he will need at least $2,000,000 when he retires. He hopes to retire in 35 years from now. One plan that he may implement is to save $900 per month and invest it at 8 percent p.a. (compounding monthly). Will this plan allow him to achieve his goal of having at least $2,000,000 upon retirement?

Reference no: EM132544547

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