1. If you begin investing at age 25 instead of age 20, how much more do you need to invest per month to have $1M at retirement? 2. If you begin investing at age 45 instead of age 40, how much more do...

1. If you begin investing at age 25 instead of age 20, how much more do you need to invest per month to have $1M at retirement?

2. If you begin investing at age 45 instead of age 40, how much more do you need to invest per month to have $1M at retirement? Why is this amount so much greater than the difference between 20 and 25?

3. If you wait until you’re 45 to begin investing, how much money will you need to invest, just for retirement, per year? Why might this be difficult?

4. Using the data in graphs II and III, how much will most millennials need to begin investing, per month, in order to have $1M in retirement? Please, explain.

Extracted text: HOW MUCH YOU NEED TO SAVE PER MONTH TO HAVE 1 MILLION AT RETIREMENT (6% RETURN RATE ) $16000 $14,261 $14000 $12000 $10000 $8000 $6071 $6000 $4000 $3421 $2153 $1435 $990 $2000 $360 $500 $700 20 25 30 35 40 45 50 55 60 AGE WHEN YOU BEGIN SAVING MONTHLY SAVINGS TO GET TO $1M TECN NTES OF AMEMWA ITED