TEMPLE UNIVERSITY COLLEGE OF ENGINEERING ECE 0822INVE$TING FOR THE FUTUREMR. KAMPSCHMIDT COMPUTER EXERCISE 3 12.Why might some 20-year-olds have difficulty investing $360 per month for retirement? Some 20-year-olds have difficulty investing $360 per month for retirement because they might not have a stable job already or they could be continuing their education in college and not have time for a part-time or full-time job. Also, 20-year-olds do not typically have the qualifications to have a well-enough paying job to be saving so much money per month. 13.If you begin investing at age 45 instead of age 40, how much more do you need to invest per month to have $1M at retirement? Why is this amount so much greater than the difference between 20 and 25? If you begin investing at age 45 instead of age 40, you will need to invest $718 more per month. This amount is so much greater than the difference between 20 and 25 because the person is closer to retirement since they are older, so they need to save more. 14.If you wait until you're 45 to begin investing, how much money will you need to invest, just for retirement, per year? Why might this be difficult? If you wait until you're 45 to begin investing, you will be need to invest about $2153 just for retirement per year. This might be difficult for the average worker because they have bills to pay and other expenses that that money needs to be put towards as well. 15.Using the data in graphs II and III, how much will most millennials need to begin investing, per month, to have $1M in retirement? Explain your answer. Most millennials need to begin investing around $600 per month to have $1M in retirement funds. This is my answer because millennials have almost little to no money saved for retirement and since they are already at the age where they should be saving and should already have some money saved, they need to save more money per month to get to $1M for retirement. 16.Now that you've analyzed these three graphs, list at least 4 things you have learned about investing for retirement. Four things that I have learned about investing for retirement are that if you start investing when you are young, you will have to invest less per month, start investing early, invest extra money you have and don't need, and finally I learned that you should have a retirement savings account in the first place and educate your kids about saving for retirement early.
