Sally is 25 years old and has decided to start a retirement program. Beginning in exactly one year, she will save $15,000 per year for 30 consecutive years to support their retirement. When she reaches retirement at age 55, which one comes closest to how much she will have saved for her retirement? Assume the rate of 4%. 1,165,997 810,620 841,270 390,000 870,030

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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.