Age now 53 retire at 67 life spam 80 income now 85K

need to know how much will be my income to be able live with 70 percent and withdraw this every year for 13 years once I retire ,

I need to know the calculations to get to the answers

4. YOUR ESTIMATE/BEST GUESS: I intend to withdraw 5000_ at the END of each year from my retirement account to support my lifestyle. Input how much you think you need to live comfortably in your retirement years. To help you with your estimate, experts estimate you should plan to have approximately 70% of your ending salary in your retirement years in order to maintain your standard of living. (Assume no pension or Social Security benefits.)

5. . When I retire, my goal is to have saved $______375000 in a retirement account. I believe these funds will be sufficient to maintain my desired lifestyle through my retirement years. Input this figure BEFORE you calculate anything on the Excel template. Just take a guess. What do you think is a reasonable amount to have as your nest egg on the day you retire (age 67 in this example) that would support the annuity withdrawal from the previous question?

6. Based on my total retirement savings from question #5, assuming those funds are invested at 5% compounded annually, I am able to withdraw $? from my retirement fund each year over the next 13 years. (Show all work here.) Easiest to compute with the financial calculator (solve for PMT).

7. In order to meet your retirement goals (withdrawing an annuity stream for 14 years) from question #4, how much would you need to have in your retirement account at age 67? In other words, based on the amount of the annuity from question #4, the total retirement savings account must have an actual balance of $___631,082.37___________ in the account on the day of retirement at age 67 assuming a rate of 5% compounded annually. This is a present value of annuity calculation. (Show all work here.) INPUTS:

I hope to have $_of retirement savings in the bank by age 55.

9.I hope to earn $___________________ per year when Im 60.

I hope to earn $___________________ per year when Im 65.

I hope to earn $___________________ per year when Im 67.

I hope to earn $___________________ per year when Im 80.

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