Question 852917
"You want to be able to withdraw $40,000 from your account each year for 20 years after you retire.
You expect to retire in 15 years.
If your account earns 4% interest, how much will you need to deposit each year until retirement to achieve your retirement goals?"
:
This is a complex equation, but using the annuity feature on my calc:
Assume you want 40k a yr for 20 yrs and it continues to pay 4%
You require $543,613 in the account when you retire
:
To have this amt in 15 yrs, paying 4%, you would have to deposit
$2,209 a month for 180 months (15 yrs) That's about $26500 a year