What goals you will set while you are working in preparation for retirement.
0.5 Consider your major and look up a reasonable salary for that major. Consider how much you want to put into your 401 K from this salary.Major: KinesiologyReasonable Salary:Amount to put into your 401k each Month:How many years:Reasonable Interest Rate:Show your work and the formula used.1. How much will you end up with in your 401k at the end? 2. How much total will you have put into this plan? 3. How much interest did this plan earn while investing during the years? Before you retire, you decide that you will not take all of the money out at once. Instead, you would like to draw equal monthly payments out until you are ______years old. Assume the interest stays the same. How much can you draw out each month over these years?4. Answer5. How much did the annuity pay you once you retire? The purpose of this project is to broaden your awareness of how saving just a small amount per month over the years working in a career combined with the interest your investment will earn becomes a substantial savings for your retirement. In recapping what you have just calculated, please answer the following questions. Remind yourself of how little you contributed per month.Remind yourself of how much you actually invested in the plan 6. What was the total dollars the plan paid you in retirement?7. How much of this was earned from interest (remember this amount will include the interest earned while investing in the plan and while receiving money from the plan)?8. So basically the amount you contributed to your retirement was approximately what percentage of the total amount received?8.5 Look at the difference in your monthly salary and the amount you will have monthly during retirement. For example if this is less than you will make during the years of working, consider how you will budget your retirement. What goals you will set while you are working in preparation for retirement. Would you decide to invest more in retirement each month while working?Write a paragraph explaining:
