Question

Q13. Propose a saving plan for yourself that includes: The number of years you are planning to work. Your expected salary until you retire (will it grow, if so, at which rate? The number of years you expect to life (you can check the life expectancy for the US) The money you expect to spend per month during your retirements. The money you need to save during your working years to be able to sustain your life-style during your retirement years. You should consider other sources of income (SS checks, other savings...), and other important expenses such as rent. If you have children, how much will you be spending on them; this may affect your saying capacity during the working years. In other words: Try to make it as realistic as possible, so this may be useful for you. You can use a discount rate of 8%. THIS

there isn't any other information, the question is just asking us to guess and make assumptions

Answer 1

Number of years planning to work	28 years (I am currently 22)
Expected Salary	Currently it is $ 75,000 per annum Growth rate is approx 10%
Expected Life	Around 75 years of age. (25 years post retirement)
Expected monthly expense	Assuming inflation to be 6% and current expense being $ 2,500, expense would be $ 12,000
Money to be saved	12,000 X 12 X 25 = 3.6 million to be needed
Remarks	I would be investing around $ 1,000 per month as SIP. Annual returns for this is 12% on an average. Also, this would increase every year by 10%. The total at age 50 would be $ 5.25 million

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