Investing for Retirement?

• retirement investments
• investing for retirement

An individual assumes they will need $50000 a year, for a 20 year retirement, commencing in 12 years. How much must they save yearly if they can invest at 5% per annum? Assuming no tax.


I think this is a simple question but I'm struggling to get my head around. Help appreciated!

Additional Details

if possible can you show steps to solve this

Investing for Retirement?