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Purchase a life annuity with monthly payments

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Reference no: EM132891525

Jorge Marron is a teacher who joined the OPSEU trade union defined contribution pension plan 28 years ago and is now reaching age 65. Jorge would like to use his pension assets of $267,432 to purchase a life annuity with monthly payments starting at the end of his first month of retirement. Assuming an annual nominal return of 6%, compounded annually, and a life expectancy of 25 years in retirement, what monthly income will Jorge receive in retirement from his current pension assets?

Reference no: EM132891525

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