You are 30 years old and you make $110,000 per year. You calculate that you can't retire until you have accumulated a lump sum amount of $2,000,000 to live on after retirement. You contribute 6% of your salary to your 401(k) and your employer contributes 3% of your salary. You plan on investing 65% of your funds in equities on which you expect to earn an average rate of return of 10%, and the rest in bonds projected to earn 5%. If your salary does not grow, how old will you be when you can retire?

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The Answer of You are 30 years old and you make $110,000 per year. You calculate that you can't retire until you have accumulated a lump sum amount of $2,000,000 to live on after retirement. You contribute 6% of your salary to your 401(k) and your employer contributes 3% of your salary. You plan on investing 65% of your funds in equities on which you expect to earn an average rate of return of 10%, and the rest in bonds projected to earn 5%. If your salary does not grow, how old will you be when you can retire?

You Are 30 Years Old and You Make $110,000 Per