Question
You are 45 years of age and your asporation is to retire in 17 years at age 62.
Assume you are about to set up a new retirement savings account at a 4% annual interest rate (APR). Based on how you want to live in retirement, and any other sources of retirement income you have available, how much money do you think you will need to draw from your savings account to enjoy $40,000 each year?
What contribution plan can you follow in order to finance your new retirement account to reach this savings goal?
Assume you are about to set up a new retirement savings account at a 4% annual interest rate (APR). Based on how you want to live in retirement, and any other sources of retirement income you have available, how much money do you think you will need to draw from your savings account to enjoy $40,000 each year?
What contribution plan can you follow in order to finance your new retirement account to reach this savings goal?
Answers
600,000
Kimberly Ricci
Related Questions
You are now 30 years old. You plan to retire in 30 years, and expect to live for 30 years after ret...
Sir wants to save money to meet 3 goals. He would like to retire 30 years from now with retirement...
Annuities /assessment You would like to have $550,000 when you retire in 35 years.
You would like...