# Retirement Plan H.W

Anonymous

Question description

1.  At my current age of 45 years of age, I would like to retire at the age of 62 years of age that will mean that will have 17 years to reach my goal.

2.  At 4% APR my goal will be to retire with \$500,000.00 saved during the 17 years, with an annual contribution of \$20,000.00 till age 62.

3. Assume you are about to set up a new retirement savings account at a 4% annual interest rate (APR). Based on how you want to live in retirement, and any other sources of retirement income you have available, how much money do you think you will need to draw from your savings account to enjoy \$40,000 each year?

4. What contribution plan can you follow in order to finance your new retirement account to reach this savings goal?

A = PMT x [(1 + APR/n) (nY) - 1] divided by below

(APR/n)

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