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Suppose you invest $9,000 today in a TFSA earning interest of 5% per year. You plan to leave all of this money in the account
Suppose you invest $9,000 today in a TFSA earning interest of 5% per year. You plan to leave all of this money in the account for the next 30 years to save for your retirement. You will not make any further deposits into this account. Once you have retired, you intend to take out the interest earned on the account at the end of each year. Prior to retirement, you will be in a 40% tax bracket. After retirement, you will be in a 22% tax bracket. How much money will you be able to take out each year during your retirement
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