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How much money you need to save to support consumption plan

Question: Suppose you retire at age 70, with a life expectancy of 20 more years, and you expect to spend $55,000 a year during your retirement. How much money do you need to save by age 70 to support this consumption plan? Assume an interest rate of 7%.

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Finance Basics: How much money you need to save to support consumption plan

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