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THE SCENARIO
Last time, I talked about how I determined
how much money I think I'll need in my retirement account when I retire. This time, we'll figure out how to get there with monthly contributions and account appreciation (i.e. the money in the account making more money).
The question: If I plan to retire in 25 years, and I've got nothing saved so far, I still have time, but it won't be as easy as if I'd been saving before now. Let's assume that my account will grow at 8.5% annually, and that I'm going to contribute the same amount every month to the account. At the end...
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