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Desired retirement income stream

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Reference no: EM132459423

Problem:

Assume you want your first retirement withdrawal, taken immediately upon retirement, to be $155,000 at age 65. Also, let's assume you want each of the remaining (24) withdrawals to increase by 2% annually. Assume your retirement account will still earn an 8% expected annual return.

  • How much will you need in your retirement account at age 65 to fund this desired retirement income stream?
  • How much will you have to deposit annually at the end of each year into your account over the next 43 years to fund this desired retirement stream?

Reference no: EM132459423

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