Calculate how much money you will need to save for retirement to live at a life style that will be acceptable to you.

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Money Required to be Saved For Retirement
The individual requires approximately $15,000,000 to enjoy and live productive retirement life. This is because of a vast number of reasons associated with retirement. There are crucial factors that are considered to ensure sustainable living. The increase in expenses expected from the health facilities and rising cost of living. The cost of living results from the dynamics of the administration and governance of the society.
Retirement Account, Reasons
Roth IRA is the best account that the individual ought to secure the retirement benefit finances. The financial advisers in the society argue that the account is very advisable for a young person to join since at old age the benefit realized from the account is immense and has few challenges. The advantages include tax-free income in retirement in which individual secures maximum utilization of the saved funds. The only issue that arises from the plan is that one is obliged to pay little income tax on the upfront contributions.
Monthly/ Annual Contributions about Maximum Allowable Allocations
The monthly contributions of $ 1500 are very objective since it enables the employee to save little amount and also facilitate his duties effectively with the other remaining amount of salary. It is also by the expected maximum allowable allocations.
Assumptions in Calculation, Explain
The initial assumption is award of $45,000 as monthly income. The social security services take approximately $1500 monthly.

I will, therefore, have to earn $457,271.58 as retirement benefits since it is assumed that there will be an annual return of 12%.
Specification of Years to Contribute
The duration of monthly contributions is set to be undertaken for 38 years. This is basically because I’m 22 years of age at the moment. The individual is expected to work for 60 years actively. The retirement age is therefore substantially regarded by several persons as 60 years.
Life Expectancy
The life expectancy is 74 years. The results is arrived at by calculating the expected living style and the current weight, age, and height. For instance, with weight of 155 Ib, height of 5.5 and 22 years of age. The life expectancy calculator provides 74 years life expectancy.
Retirement Age & Period to draw Retirement funds
Since I am optimistic to live to the age of 74 years, it is, therefore, evident that withdrawal will play a crucial role in ensuring sustainability and development. Moreover, the annual withdrawals over the period will be $ 41,987. This is the amount realized after deductions of various taxes such as income tax.
Plan of Monthly Withdrawal on Retirement
Monthly withdrawal will be $40,000. This includes the funds from social security platform and pension plan.
Amount of Money in Present and Future
The amount of money in the account annually will be $85,000 in which it will tend to have $37,500 available from other additional sources to help raise the finances at the old age.
Expectation of Additional Funds & Specific Source
There will be $37,500 additional funds from various retirement plan sources. The annuities, savings account, part time job, will contribute substantially to these funds. The greater percentage will be realized from the home equity and stocks. The reversal of mortgage or effectively downsizing it will greatly be a reliable source of increasing funds. The stock market will also give the retirement income significant boost.
Reasons for sufficiency of retirement saving plan in the present and future
The sufficiency is as a result of the availability of consistent and reliable retirement plan. The savings and pension will significantly lead to sustenance and comfortable lifestyle.
Works Cited
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=3&cad=rja&uact=8&ved=0ahUKEwj9mZfj7NPQAhXKvY8KHdW1AbAQFggmMAI&url=https%3A%2F%2Fmedia.nmfn.com%2Ftnetwork%2Flifespan%2F&usg=AFQjCNEg4mubiD9hEhkJYRuOH4NNIFDsNQ&sig2=eZUwl7dNfZVv3Jry7PSibA