You are trying to decide if you have enough money to retire. You are expecting $2,500 a m

timer Asked: Feb 23rd, 2015

Question Description

Can you help me understand this Mathematics question?

You are trying to decide if you have enough money to retire.  You are expecting $2,500 a month from Social Security.  You have $1.2 million in your retirement savings, and you only want to use the earnings to live on, which is at an 8% annual rate.  You are currently making $64,000 a year and plan to live on 80% of that amount.  Do you have enough to retire based on these numbers?

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