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How much is the annual cash flow you can afford

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Problem - You are now 65 years old. You receive a bonus from your employer, which takes your total savings for your retirement to $2.5 million. You deposit this total amount into an account paying 10% p.a. (compounded annually). You expect to live to the age of 90. If you make annual withdrawals from this account over the course of your retirement (with the first withdrawal on your 66th birthday and the last withdrawal on your 89th birthday) how much is the annual cash flow you can afford to withdraw each year?

Reference no: EM132967883

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