You are 20 years old. You plan to work until you are 80 years old. When you turn 80 you will retire. You expect to live until an age of 95. You have forecasted that you will need $50,000 a year in income for your retirement.Your current salary is $45,000 per year. You expect your salary to grow by 0% per year.You will save 5% of your gross income each year.You will invest your savings in risk free treasury notes that are expected to yield 3% each year. Based on this information you will have accumulated enough wealth to finance your retirement.
True or False?