# Will Timmy be able to retire before he turns 60? That is, at what age will the value of his savings

Timmy sets himself a goal of amassing $1

million in his retirement fund by the time he turns 61. He begins saving $3,000

each year, starting on his 21st birthday (40 years of saving).

A. If his savings earn 10 percent per year,

will Timmy achieve his goal?

B. Will Timmy be able to retire before he turns 60? That is, at what

age will the value of his savings plan be worth $1 million?

Topic: Investing Early

Level of difficulty: Medium