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Name: Instructor: Course: Date: 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
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