You will lead a retirement life from 65 to 90.
Number of years in retirement = 25 years
Total capital needed for retirement = $1,875,000 (based on the assumption that $75,000 is needed each year to cover expenses)
You are now 22 years, the number of years for retirement = 43 years
Present value of money that you will need for retirement = $153,055.54 (an assumption that the interest rate is 6%)
Describe techniques such as increasing savings after children are out of the house, or out of college, etc.