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1) You are thirty years old but and planning to retire at age sixty two. You wish to plan my finances for living thirty five years past age sixty two and die dead broke. You find out you will require $3000 per month year from age sixty two on. Ignore inflation. At age sixty two, you plan to go live in tropics on beach and live on coconuts and fishing. You require concluding your retirement savings at age fifty five as all your spare money then will be going to your kid’s education. problem is how much money you need to save each month between now and fifty five so that you can give up contributing. Expected return on your investments over complete period is 10% per year.

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