Calculation of Annual Savings Needed to Meet a Retirement Goal
Nicci Denny, age 40, single, and from
Colorado Springs, Colorado, is trying to estimate the amount she needs to save annually to meet her retirement needs. Nicci currently earns $71,000 per year. She expects to need 80 percent of her current salary to live on at retirement. Nicci anticipates receiving about $1,700 per month in Social Security benefits at age 65. Using the Run Numbers worksheet, answer the following questions. Round your answers to the nearest dollar.
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