Reference no: EM133184023

Question - Because of what you learned in your Financial Skills class, you have decided to contribute annually to a Traditional IRA account for the next 30 years until you retire. You are determined to contribute $6,000 every year (the current maximum) of your pre-tax income for the next 30 years. You choose a diversified stock and bond portfolio and will earn about 6% average during that time. By the time 30 years have passed, you will have approximately $475,000 in your account. After the 30 years, how much will you owe in taxes each year if you withdraw $30,000 per year from the account and are in the 25% tax bracket?