You Have Determined That You Will Need to Accumulate $1,000,000

question 86

Multiple Choice

You have determined that you will need to accumulate $1,000,000 in your retirement account in order to cover your inflation-adjusted shortfall.Which of the following is closest to the amount of money you would need to put into a tax-deferred retirement account every year if you plan on retiring in 40 years? Assume an 8% average return on this account,and that it is empty today.

• A)$1,458
• B)$3,860
• C)$5,957
• D)$8,444

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Definitions:

Religious Autonomy

The right of individuals or groups to have control over their own religious beliefs, practices, and organization without external interference.

Terminating

The act of bringing something to an end or the process of something coming to an end.

Ending Time

The scheduled or agreed-upon time at which a service, event, or activity concludes.

Client Strengths

The internal resources, skills, and positive qualities that clients possess, which can be leveraged in the therapeutic process to achieve their goals.