Jason plans to retire in 35 years and live 30 years after his retirement.

• He will save $10,000 every year, starting from next year until his retirement (i.e. 35 years from today).
• After retirement, Jason wants to make 30 annual withdrawals. The withdrawals are the same over years. The first withdrawal will be made in the first year after his retirement.
• The annual interest rate is 5%, which applies the whole time to his retirement account.

How much can Jason withdraw each year after his retirement?

Hints:

1. Draw the timeline correctly
2. Calculate how much Jason will accumulate by the time of his retirement
3. Calculate how much Jason can withdraw each year after his retirement