What lump sum will she need at the beginning of the retirement period?

18.2 Eleanor requires $40,000 per year in order to retire on the retirement income net.

We must adjust for inflation in order to determine the lump sum Eleanor will need at the start of Eleanor’s retirement. According to the 3.5% expected annual inflation rate, $40,000 in 22 years will be equivalent to $90,050.81 in today’s dollars.

Next, we must determine how much money she will need each year after taxes have been taken out – given an expected after-tax return on investments of 5%, this comes out to be approximately $83,413.60 per annum (with a total over 25 years of $2,085,340). Next, these numbers can be used for the calculation of the lump sum she needs at her retirement.

Lump Sum Needed = ($90,050.81 * 25 years) / (1+0.05^25) = $2,335,368

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