I need 12000 a month between age 7095 how much do i need to

I need 12,000 a month between age 70-95, how much do i need to set aside every month between 21-70 to achieve that goal? Rate is 10%

Solution

first of all we will find the PV of money required in retirement at the end of year 70.

PMT=12000

N=25*12=300

1/Y=10/12=0.83

FV=0

CLICK CPT AND PV=1324675

NOW

FV=1324675

N=49*12=588

1/Y=10/12=0.83

PV=0

CLICK CPT AND PMT=85.86 PER MONTH SETTING ASIDE