You spend about $34,000 in a year now. If prices increase 3.5% per year, how much...

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You spend about $34,000 in a year now. If prices increase 3.5% per year, how much money will you need to spend to maintain your standard of living in 30 years? You as a young worker decide to use money in your traditional IRA account to pay for an unexpected $1500 expense. If your withdrawal faces a 10% early withdrawal penalty and you pay a marginal tax rate of 20%, how much must you take out of your account in order to pay the expense, the penalty, and the taxes on your withdrawal? You spend about $34,000 in a year now. If prices increase 3.5% per year, how much money will you need to spend to maintain your standard of living in 30 years? You as a young worker decide to use money in your traditional IRA account to pay for an unexpected $1500 expense. If your withdrawal faces a 10% early withdrawal penalty and you pay a marginal tax rate of 20%, how much must you take out of your account in order to pay the expense, the penalty, and the taxes on your withdrawal?

Answer rating: 100% (QA)

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