posted by Helpmeplease .
You are 45 years of age and your asporation is to retire in 17 years at age 62.
Assume you are about to set up a new retirement savings account at a 4% annual interest rate (APR). Based on how you want to live in retirement, and any other sources of retirement income you have available, how much money do you think you will need to draw from your savings account to enjoy $40,000 each year?
What contribution plan can you follow in order to finance your new retirement account to reach this savings goal?