John wants to retire 30 years from now. He doesn't know how many years he'll actually live after he retires, so he'd like to save up enough to spend $60,000 per year forever. That way, he can never outlive his retirement savings. How much must he save every year from now until he retires in order to reach his goal? Assume his retirement savings earn 4% per year above the inflation rate.
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Home » Business » John wants to retire 30 years from now. He doesn't know how many years he'll actually live after he retires, so he'd like to save up enough to spend $60,000 per year forever. That way, he can never outlive his retirement savings.