Go to http://www.timevalue.com/tcalc.aspx and click â€œHow much do I need to fund my retirement?â€ If you were planning to retire and can live comfortably on $3,000.00 per month for 10 years, how much moneyÂ would you need to deposit now in an account earning 5% interest to be able to afford this amount? If you cut your monthly payout in half, how much would you need to deposit now?
1. How can you estimate your monthly expenses by the time you are able to retire?
2. Calculate your current monthly expenses. How might these expenses change once you reach retirement age?