1. I am 50 years old and plan to retire at the age of 62 with $250,000 in my 401k. I would have to make monthly payments of $278.89 at a rate of 3.5% *12 months. With the 3.5% account, the monthly payments might be difficult to maintain or to pay at all. Suppose that I decided to wait 4 more years until I retire. What would my monthly payments be with the new plan?
2. So suppose that I found an account that earns 4% interest instead. How would this change my monthly payments if I decided to retire at the age of 66?
3. Please help me to interpret my calculated results and state some relevant conclusions. I must show the work and I don't know how.