Lets assume that you are turning 22 tomorrow and that you want to retire on your 55th birthday. You estimate that you need $100,000 per year while you are retired. If you live until your 79th birthday, how much will you need to have saved when you turn 55? How much will you have to save each year in order to have enough to retire when you are 55. Assume that you earn 8% return on your savings.