Retirement Account
Let's say you are 30.
You plan to retire at 60.
Your life expectancy is 80.
Your future monthly expenses are $1500 per month.
Now let's calculate your retirement savings.
=> Future Monthly Expenses * Months in a Year * Number of Years
=> $1500*12*20 = $360,000.
According to our calculations, if you save $300 per month for 30 years at a 7% compound annual return, you will have $368,126.25 waiting for you in uour retirement account.
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