Sheila Stanley believes she would need $300,000 to retire today and keep her same lifestyle. If Sheila estimates she will retire in 20 years, how much should he put away each month to have the equivalent of $300,000 in 20 years if the interest she can earn is 5%? If the interest rate changes to 3%, what will Sheila need to save each month? Picture cash flows on a timeline and present it when providing your answer. what would the timeline look like? In what ways could she prepare for retirement?
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Sheila has never been able to save for retirement and has very little built in for social security due to the lack of work credits since she has never really had steady employment or has been without work for years due to being a stay at home mom and student.
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