You want to be able to withdraw $30,000 each year for 25 years. Your account earns 8% interest.
a. How much do you need in your account at the beginning? $750,000
b. How much total money will you pull out of the account?
c. How much of that money is interest?
How much money will I need to have at retirement so I can withdraw $60,000 a year for 20 years from an account earning 8% compounded annually? $636,215.95
a. How much do you need in your account at the beginning? $1,200,000
b. How much total money will you pull out of the account?
c. How much of that money is interest? $563,784.05
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