Annual Savings for Retirement Assignment | Homework For You

John and Sue are planning on retiring in 15 years. Currently their income is $150,000 a year, and they’d like to keep about 60% of this income in retirement for 30 years of retirement. They assume they’ll both receive about $20,000 a year in social security income. They current portfolio is $389,000, averaging a 12% annual return. Assuming their portfolio will average 7% in retirement, and inflation is assumed to remain level at 3% a year, how much should they save annually for retirement? Get Finance homework help today

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