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How much can afford to withdraw per month

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Question 1) You plan to live for 30 years after your retirement at age 65 and to have saved $1 million in your retirement account by then. How much can you afford (i.e., maximum) to withdraw per month, at the beginning of each month, assuming your savings generate a rate of return of 6% per year?

Question 2) For Q1 above, what would be the answer if you also plan to leave $1.5 million for your kids when you die at the age of 95?

Reference no: EM132497301

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