A wealth management client wants to spend $60,000/yr (in todays terms) in retirement. How much money do they need in the account when they retire (immediately before they take the withdrawal for the first year)?

They turn 60 in exactly 10yrs

They plan to live until they turn 90

Assume they withdraw 100% of the money for the year at the beginning of the yr

They want to maintain their standard of living

The things that they spend money on inflate at 3%/yr

They earn 10% return on assets in an investment account

Assume there are no taxes, i.e. this is a ROTH IRA account