A 50-year-old engineer planning for retirement places 14% of his salary each year into a high-yield bond fund. If his salary this year (end of year 1) is $103,000 and he expects his salary to increase by 3% each year, determine the future worth of the retirement fund after 15 years, provided it earns 7% per year. The future worth is $ 9946.0265

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Retirement Income

Retirement income is the income received by the retiring person after retirement. Income can either be paid every month or paid annually. The retiree would get a guaranteed income until their death. Retirement income payment differs from person to person based on their investment type and payment method. Some are paid on a lump-sum basis and some are paid in a regular series with fixed payment or variable cash flow. Retirement income can be created from retirement savings, investment, salary, bonus, and wages from employment. Every working individual should plan their retirement income according to their income goals for the future. The plan should be made by identifying suitable income sources, estimating future expenses, applying a savings plan, and managing risk and assets. The most common age for retirement is between 60-65 years.