you have to attain the following. first, you will retire in 40 years and will ne

Question

you have to attain the following. first, you will retire in 40 years and will need $80,000 per annum for the 20 years of retirement. Second, you will finance a child's education in 26 years which is $20,000 per annum now for 4 years. That expense will increase at 5% annually and become constant at year 26. Your parents' nursing home will be $30,000 per year now, starting in 30 years and lasting 15 years. The rate of inflation for the nursing home is 2% for 30 years. It stops rising and remains flat after that point. How much should you save per year for the first 40 years to finance all of the aforementioned costs? Show work.

Explanation / Answer

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