Mr and Mrs C will retire next month and they will have $500,000 in Registered Retirement Savings
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Mr and Mrs C will retire next month and they will have $500,000 in Registered Retirement Savings Plans (RRSP’s). The RRSP’s will be rolled into a Retirement Income Fund (RIF). They wish an annual payment at the beginning of each year (annuity due) and expect to earn 10.75% per annum in the equity and bond markets as an average. What annual amount would they be able to withdraw if the RIF is expected to last 20 years (ignore taxes and round to nearest dollar)?
Related Book For
Public Finance In Canada
ISBN: 9781259030772
5th Canadian Edition
Authors: Harvey S. Rosen, Ted Gayer, Jean-Francois Wen, Tracy Snoddon
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