Problemyou retire at age 60 and expect to live another 27, Ask an Expert

Accounting

Problem:

You retire at age 60 and expect to live another 27 years. On the day you retire, you have $464,900 in your retirement savings account. You are conservative and expect to earn 4.5% on your money during your retirement.

Required:

Question: How much can you withdraw from your retirement savings each month if you plan to die on the day you spend your last penny?

a. $2,001.96

b. $2092.05

c. $2,472.00

d. $2,481.27

withdraw from retirement savings

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91169374

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