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You are planning your retirement in 20 years. You currently have $161,000 in a bond account. You plan to add $11,500 per year at the
You are planning your retirement in 20 years. You currently have $161,000 in a bond account. You plan to add $11,500 per year at the end of each of the next 20 years to your bond account. The bond account will earn a return of 7 percent. When you retire, you plan to withdraw an equal amount EVERY MONTH of the next 25 years at the end of each month and have nothing left. Additionally, when you retire you will transfer your money to an account that earns 6 percent. How much can you withdraw each month in your retirement?
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