What will the savings actually pay each month, and does it match what the client wants? Today's dollars throughout.
On these assumptions the savings reach about $1,529,899 at 67, which supports roughly $5,333 a month in today's dollars. The $6,000 wanted would take about $379 more a month between now and then.
An estimate under the assumptions listed, computed on this page from what you typed. Not a projection, a quote, an illustration or a guarantee. Educational content only. Nothing here is individual financial, tax, insurance or legal advice, and nothing here is an offer or a recommendation of any product or strategy. Rates, tax rules and product terms change; check them before you rely on a number. BlackCase App is a software product that connects people with licensed financial professionals. It is not an insurance company, a broker-dealer, or a registered investment adviser.