Answered

Explore Westonci.ca, the top Q&A platform where your questions are answered by professionals and enthusiasts alike. Our platform provides a seamless experience for finding reliable answers from a knowledgeable network of professionals. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform.

If you begin investing at age 25 instead of age 20, how much more do you need to invest per month to have $1M at retirement?

Sagot :

OlanmaE

The logic behind saving for retirement is that the earlier one begins saving for retirement, the lesser amount they will have to save monthly. From the graph given, the answer to how much more you need to invest per month to have $1M at retirement is;

  • $140

Assuming a 6% investment on return, the individual will have to save $360 monthly to have $1,000,000 at the retirement age of 67.

If he, however, waits till the age of 25 to begin saving, he will have to save $500 which is $140 more than he would have saved from the age of 20.

So, to save less per month, you need to start at an early age.

Learn more here:

https://brainly.com/question/5837034

View image OlanmaE
We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. We're glad you chose Westonci.ca. Revisit us for updated answers from our knowledgeable team.