Question
Wendell's wife, Yvonne, recently passed away leaving him as the sole beneficiary on her retirement plan assets. Her account balance is $350,000, and Wendell rolled
Wendell's wife, Yvonne, recently passed away leaving him as the sole beneficiary on her retirement plan assets. Her account balance is $350,000, and Wendell rolled the account assets into an inherited IRA. Wendell's own retirement account balance is $400,000. Wendell decided to retire this year and start taking distributions from the retirement accounts and expects to earn 6% annually on his investments during retirement. How many years will these assets last Wendell if he withdraws $2,000 per month at the beginning of each month?
(Submit your answer rounded to the nearest tenth--one decimal place.)
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