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HOW MUCH YOU NEED TO SAVE PER MONTH TO HAVE 1 MILLION AT RETIREMENT (6% RETURN RATE ) $16000 $14,261 $14000 $12000 $10000 $8000 $6071 $6000 $4000 $3421 $2153 $1435 $990 $2000 $360 $500 $700 20 25 30 35 40 45 50 55 60 AGE WHEN YOU BEGIN SAVING MONTHLY SAVINGS TO GET TO $1M TECN NTES OF AMEMWA ITED Graph II - How Much Millennials, Gen X, and Boomers Have Saved for Retirement How Much Millennials, Gen X and Boomers Have Saved for Retirement MILLENNIALS 6.3% 2.2% (18-34) 42.2% 29.8% 11.2% 3.5% 4.9% GEN X (35-54) 29.8% 21.9% 11.2% 10.3% 8.8% 12.1% 6.2% 5.8% BOOMERS & SENIORS 28.0% 17.3% 8.7% 7.1% 10.3% 22.4% (55+) Don't have retirement savings Have saved Have saved Have saved $10K - $49K $100K - $199K $300K or more Have saved Have saved Have saved less than $10K $50K - $99K $200K - $299K Courtesy of GOBankingRates.com

HOW MUCH YOU NEED TO SAVE PER MONTH TO HAVE 1 MILLION AT RETIREMENT (6% RETURN RATE ) $16000 $14,261 $14000 $12000 $10000 $8000 $6071 $6000 $4000 $3421 $2153 $1435 $990 $2000 $360 $500 $700 20 25 30 35 40 45 50 55 60 AGE WHEN YOU BEGIN SAVING MONTHLY SAVINGS TO GET TO $1M TECN NTES OF AMEMWA ITED Graph II - How Much Millennials, Gen X, and Boomers Have Saved for Retirement How Much Millennials, Gen X and Boomers Have Saved for Retirement MILLENNIALS 6.3% 2.2% (18-34) 42.2% 29.8% 11.2% 3.5% 4.9% GEN X (35-54) 29.8% 21.9% 11.2% 10.3% 8.8% 12.1% 6.2% 5.8% BOOMERS & SENIORS 28.0% 17.3% 8.7% 7.1% 10.3% 22.4% (55+) Don't have retirement savings Have saved Have saved Have saved $10K - $49K $100K - $199K $300K or more Have saved Have saved Have saved less than $10K $50K - $99K $200K - $299K Courtesy of GOBankingRates.com

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Using the data in graphs II and III, how much will most millennials need to begin investing, per month, in order to have $1M in retirement? Please, explain.

HOW MUCH YOU NEED TO SAVE PER MONTH TO HAVE 1 MILLION AT RETIREMENT (6% RETURN RATE ) $16000 $14,261 $14000 $12000 $10000 $8000 $6071 $6000 $4000 $3421 $2153 $1435 $990 $2000 $360 $500 $700 20 25 30 35 40 45 50 55 60 AGE WHEN YOU BEGIN SAVING MONTHLY SAVINGS TO GET TO $1M TECN NTES OF AMEMWA ITED
Transcribed Image Text:HOW MUCH YOU NEED TO SAVE PER MONTH TO HAVE 1 MILLION AT RETIREMENT (6% RETURN RATE ) $16000 $14,261 $14000 $12000 $10000 $8000 $6071 $6000 $4000 $3421 $2153 $1435 $990 $2000 $360 $500 $700 20 25 30 35 40 45 50 55 60 AGE WHEN YOU BEGIN SAVING MONTHLY SAVINGS TO GET TO $1M TECN NTES OF AMEMWA ITED
Graph II - How Much Millennials, Gen X, and Boomers Have Saved for Retirement How Much Millennials, Gen X and Boomers Have Saved for Retirement MILLENNIALS 6.3% 2.2% (18-34) 42.2% 29.8% 11.2% 3.5% 4.9% GEN X (35-54) 29.8% 21.9% 11.2% 10.3% 8.8% 12.1% 6.2% 5.8% BOOMERS & SENIORS 28.0% 17.3% 8.7% 7.1% 10.3% 22.4% (55+) Don't have retirement savings Have saved Have saved Have saved $10K - $49K $100K - $199K $300K or more Have saved Have saved Have saved less than $10K $50K - $99K $200K - $299K Courtesy of GOBankingRates.com
Transcribed Image Text:Graph II - How Much Millennials, Gen X, and Boomers Have Saved for Retirement How Much Millennials, Gen X and Boomers Have Saved for Retirement MILLENNIALS 6.3% 2.2% (18-34) 42.2% 29.8% 11.2% 3.5% 4.9% GEN X (35-54) 29.8% 21.9% 11.2% 10.3% 8.8% 12.1% 6.2% 5.8% BOOMERS & SENIORS 28.0% 17.3% 8.7% 7.1% 10.3% 22.4% (55+) Don't have retirement savings Have saved Have saved Have saved $10K - $49K $100K - $199K $300K or more Have saved Have saved Have saved less than $10K $50K - $99K $200K - $299K Courtesy of GOBankingRates.com
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