If we do the math for a young person in 20s, just started working, how much does the person need to put aside per month starting from now to achieve the target of $5,000 per month in a traditional retirement?
Actually, I did a video to explain this: I think my friend may want an answer more specific so here is the more specific math. We can assume some guy that graduated as a 25-year-old is asking this question. Let’s call him Mike. If it is a Jane, Jane should graduate when she is 23 years old. A traditional retirement will take place from 65-years-old onwards. To find out how much we need to accumulate to (the magic $$$ number), we need to find out how much Mike needs to spend at 65-years-old. My friend wishes to fix the...I have a friend who asked the following question:
