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After looking at your question, I believe you really need to look at a retirement planner.

The future value of an asset and income is pretty straight forward, but if you want to plan for the future, that is exactly what you need to do.

When I was 30 I did that. Needless to say the original plan did not work. I modified it as the years and jobs went by. At 55, my wife and I pulled-out and haven't looked back.

Initially, I wrote my own calculator on my 8 KB computer. It started my investing and saving. Later I used speadsheets and when Quicken introduced it's retirement planner, I knew I had the proper tool. I still use it to track how I am doing.

Using a tool like this allows you to have one place to manage all finances, loans and mortgages, savings and investments no matter what institution holds them. The planner module uses your live data as the base for your plan. You supply other assumptions, like the ones in your post, your life expectancy, estimate inflation, investment return, etc.

I will answer questions like, Am I saving enough. With money in an IRA, what will RMDs(required minimum distributions) do to my savings.

The true utility of this is the ability to model various changes. As your investments shrink and grow the changes are in your plan are shown. You can try different rates of return, inflation, savings rate, etc.

This also serves as a tool to assist in decision making. What happens if I buy that new boat? car? What effect will paying for college for the kids have? You can build in anything that can have a financial impact.

The earlier in life that you start to plan for your future makes it more attainable and better!

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