Dear Financial Adviser, My spouse and I are each 45 and hope to retire in 20 years. After retirement, we will receive $7,000 per month after taxes from our employers' pension plans and $2,100 per month after taxes from Social Security. Unfortunately, our monthly living expenses are $13,000. Our social obligations preclude further economies. We have $250,000 invested in a high-grade, tax-free municipal-bond mutual fund. The return on the fund is 0% per year. This fund is our only savings. We plan to make annual withdrawals from the mutual fund to cover the difference between our pension and Social Security income and our living expenses. You can assume that the withdrawals (one per year) will sit in a checking account (no interest) until spent. The couple will use the account to cover the monthly shortfalls. Question: How many years before Luxury Challenged runs out of money?

Dear Financial Adviser, My spouse and I are each 45 and hope to retire in 20 years. After retirement, we will receive $7,000 per month after taxes from our employers' pension plans and $2,100 per month after taxes from Social Security. Unfortunately, our monthly living expenses are $13,000. Our social obligations preclude further economies. We have $250,000 invested in a high-grade, tax-free municipal-bond mutual fund. The return on the fund is 0% per year. This fund is our only savings. We plan to make annual withdrawals from the mutual fund to cover the difference between our pension and Social Security income and our living expenses. You can assume that the withdrawals (one per year) will sit in a checking account (no interest) until spent. The couple will use the account to cover the monthly shortfalis. Question: How many years before Luxury Challenged runs out of money? Sincerely. Luxury Challenged Marblehead, MA