Question

In: Finance

You are saving for retirement. To live comfortably, you decidethat you will need $1.5 million...

You are saving for retirement. To live comfortably, you decide that you will need $1.5 million dollars by the time you are 65. If you assume you are able to do that, and will live 15 more years (until age 80), the amount you can withdraw in each of those years at an interest rate of 5% before your retirement fund is empty is closest to: Answers: $89,522 $144,513 $105,714 $200,606

Solutions

Expert Solution

Ans is $ 144,513


Related Solutions

You are saving for retirement. To live​ comfortably, you decide you will need to save $...
You are saving for retirement. To live​ comfortably, you decide you will need to save $ 4 million by the time you are 65. Today is your 35 th ​birthday, and you​ decide, starting today and continuing on every birthday up to and including your 65 th ​birthday, that you will put the same amount into a savings account. If the interest rate is 8 %​, how much must you set aside each year to make sure that you will...
You are saving for retirement. To live​ comfortably, you decide you will need to save $2...
You are saving for retirement. To live​ comfortably, you decide you will need to save $2 million by the time you are 65. Today is your 33rd birthday, and you​ decide, starting today and continuing on every birthday up to and including your 65th ​birthday, that you will put the same amount into a savings account. If the interest rate is 6%​, how much must you set aside each year to make sure that you will have $2 million in...
You are saving for retirement. To live​ comfortably, you decide you will need to save $4...
You are saving for retirement. To live​ comfortably, you decide you will need to save $4 million by the time you are 65. Today is your 22nd ​birthday, and you​ decide, starting today and continuing on every birthday up to and including your 65th ​birthday, that you will put the same amount into a savings account. If the interest rate is 8%​, how much must you set aside each year to make sure that you will have $4 million in...
You are saving for retirement. To live​ comfortably, you decide you will need to save $3,000,000...
You are saving for retirement. To live​ comfortably, you decide you will need to save $3,000,000 by the time you are 65. Today is your 27th ​birthday, and you​ decide, starting today and continuing on every birthday up to and including your 65th ​birthday, that you will put the same amount into a savings account. If the interest rate is 4%​, how much must you set aside each year to make sure that you will have $3,000,000 in the account...
you are saving for retirement. to live comfortably, you decide you will need to save $1...
you are saving for retirement. to live comfortably, you decide you will need to save $1 million by the time you are 65. today is your 21st birthday and you decide that starting todahy and continuing on every birthday up to and including your 65th birthday that you will put the same amount into a savings account. If the interest rate is 8% how much must you set aside each year to make sure that you have $1 million in...
You are saving for retirement. To live comfortably, you decide you will need to save $2...
You are saving for retirement. To live comfortably, you decide you will need to save $2 million by the time you are 65. Today is your 30th birthday, and you decide, starting today and continuing on every birthday up to and including your 65th birthday, that you will put the same amount into a savings account. If the interest rate is 5%, how much must you set aside each year to make sure that you will have $2 million in...
You are saving for retirement. To live comfortably, you decide you will need to save $1...
You are saving for retirement. To live comfortably, you decide you will need to save $1 million by the time you are 65. Today is your 33rd birthday, and you decide, starting today and continuing on every birthday up to and including your 65th birthday, that you will put the same amount into a savings account. If the interest rate is 3%, how much must you set aside each year to make sure that you will have $1 million in...
You have just retired with savings of $1.5 million. If you expect to live for 30...
You have just retired with savings of $1.5 million. If you expect to live for 30 years and to earn 8% a year on your savings, how much can you withdraw each year? Assume that you withdraw the money at the start of each year. $112,148.50 A $120,000.00 B $123,371.44 C $133,241.15 D
you need to have $250,000 per year to live comfortable in retirement to allow for your...
you need to have $250,000 per year to live comfortable in retirement to allow for your passion for travel. You feel you will live to your 100th year (35 years after retirement). You believe that the rate of return on your investments will be 5% per year. How much of a retirement fund must you have in order to start paying yourself 250,000 per year on the first day of retirement and the beginning of each year thereafter until your...
Your retirement is 20 years away and you are interested in saving for your retirement. You...
Your retirement is 20 years away and you are interested in saving for your retirement. You expect another fifteen years to live after retirement. You think you will need 60,000 dollars every year to live post retirement. You have to estimate how much you should save annually if You expect a rate of return of 8% for the next 35 years, and You expect to earn 9% for the next 20 years. At retirement you put your money in an...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT