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Anna just turned 55. She is planning to retire in 10 years, and she currently has...

Anna just turned 55. She is planning to retire in 10 years, and she currently has $500,00 in her 401k fund. She assumes that she will live 20 years past her retirement age. During each of these 20 years, she desires to withdraw $100,000 from her retirement fund. If the interest rate is 5% annually, how much will Anna have to save per year for the next 10 years (from 55 to 64)? Assume that the first deposit to her retirement fund will be today, followed by nine more annual deposits, and that the annual withdrawals from age 65 will occur at the beginning of each year. (excel with calculations)

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jeff jeffy answered 1 year ago
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