SOLUTION: You are expecting $2,500 a month from Social Security. Yon have 1.2 million in your retirement savings, and you only want to use the earnings to live on, which is at 8% annual rate

Algebra ->  Finance -> SOLUTION: You are expecting $2,500 a month from Social Security. Yon have 1.2 million in your retirement savings, and you only want to use the earnings to live on, which is at 8% annual rate      Log On


   

Question 1036438: You are expecting $2,500 a month from Social Security. Yon have 1.2 million in your retirement savings, and you only want to use the earnings to live on, which is at 8% annual rate. You are currently making $64,000 a year and plan to live on 80% of that amount. Do you have enough to retire based on these numbers?
Answer by Theo(13342) About Me  (Show Source):
You can put this solution on YOUR website!
80% of 64,000 = 51,200.

2500 * 12 = 30,000

8% of 1.2 million is equal to 96,000

add them together and you should be able to have an income of approximately 126,000 per year for the rest of your life.