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THE SCENARIO
Last time, I covered a 'flawed' posting I saw on the internet about how people should have $1.3 million to draw on when they retire. The math in the post is a real mess, but if we put that aside, we can legitimately answer the question 'how could I get to $1.3 million at retirement?' Let's do that.
The question: If we make an average of $30,000 over 40 years, and save 12.4% of our earnings for that entire span (on a monthly basis), what would our investment return have to be in order for us to end up with $1,300,000? Use End Mode*, even though Begin Mode is more appropriate for ...
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