Continuing on from your EIC questions ...

Bob and Jill look at each other and say ... "OK, we now understand why super is mandatory and so important."

"Lets start talking retirement. I want to have $100,000 at the end of each year, to spend every year from when I retire at age 67 for 20 years. I don't think I'll be around past then. How much will I need to have in Super when I retire?

Bob has just presented you with a common but sophisticated question that many retirees ask. 

When Bob retires, he wishes to take out his money, ending his super fund. You are quite confident that there are products that will pay 3% p.a. on Bob's Super lump sum when he retires. There are annuity investment products in the market to cater for needs just like this, offered by investment companies, like Challenger. (https://www.challenger.com.au/). These annuity products are purchased upon retirement and pay a fixed sum each year for a fixed time, to simulate an income/wage.

Time for you to crunch the numbers and give Bob his answer...

Hint: What Bob wants, a fixed payment, paid regularly for a fixed time, is an annuity. ID the correct annuity formula, and like your mortgage math, ID which variable you are solving for and then the values for the remaining others. See staff in consults if you need help.

Enter your answer as to 2 decimal places, without any $ or ,

e.g. if you answer is $2,888,888.1212 it is to be entered as 2888888.12