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Suppose your annual income is $120,000 and your current average tax rate is 23%. If you are planning for retirement in 30 years, and you
Suppose your annual income is $120,000 and your current average tax rate is 23%. If you are planning for retirement in 30 years, and you want to have a retirement after-tax income equivalent to 70% of the current after-tax income, how much pre-tax annual income you must have when you retire? Assume a 3% inflation and 31% average tax rate when you retire. Round your answer to a whole dollar. Answer using excel and show all work please.
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