You are currently saving for retirement, and you want to see how much you will be...

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You are currently saving for retirement, and you want to see how much you will be able to withdraw each year during retirement. You are currently saving money in two accounts a money market account and a mixed fund account. You contribute $5,000 each year to the money market account, and $10,000 per year in the mixed fund (both at the end of the year). The money market account earns 5% per year, and the mixed fund account earns 10% per year. Upon retirement (in 20 years from now), you will combine your savings into an account that earns 3% per year. If you expect to live for 30 years following retirement, how much can you withdraw at the beginning of each year during retirement? You are currently saving for retirement, and you want to see how much you will be able to withdraw each year during retirement. You are currently saving money in two accounts a money market account and a mixed fund account. You contribute $5,000 each year to the money market account, and $10,000 per year in the mixed fund (both at the end of the year). The money market account earns 5% per year, and the mixed fund account earns 10% per year. Upon retirement (in 20 years from now), you will combine your savings into an account that earns 3% per year. If you expect to live for 30 years following retirement, how much can you withdraw at the beginning of each year during retirement?

Answer rating: 100% (QA)

To calculate how much you can withdraw at the beginning of each year during retirement we need to de... View the full answer