Jim and anges mitchem would like to retire in 30 years they, Ask an Expert

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Jim and Anges Mitchem would like to retire in 30 years. They estimate that their retirement income needs will be 70% of the $64,000 current annual household expenditures. They expect to receive annual social security benefits $24,000 and annual employer pension funds $12,000 upon retirement. They are comfortable with getting a 8% annual return on their investment before retirement. They expect a 7% return on their assets after retirement and will stay retired for another 40 years. Assuming a 3% inflation rate, what would the annual savings needed to fund their retirement?

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Financial Management, Finance

Category:- Financial Management
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