I am currently 23 years old and have $18,000 in savings. I plan on saving $1,000 per month until I retire at age 70. I believe that I can earn 7.0% on my investments. If the actuaries estimate that I will live to be 88, and I shift my post-retirement savings to a safer portfolio that delivers a 4.0% return, how much can I take each month in retirement from my portfolio and end up with exactly no money when my time is up (i.e., I go to that big investment house in the sky)?

Answer rating: 100% (QA)

To calculate the amount you can take each month in retirement you would need to use the formula for ... View the full answer