Retirement to fund these planned withdrawals

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Reference no: EM131837946

You are trying to decide how much money you will need at retirement. You expect to retire at age 65. You hope to travel extensively while you are healthy enough. To finance your travels (and cover your basic living expenses) you think you will need income of $127,000 per year (at the end of each year) of those 13 years. Once your active travel years are over you will settle down into a retirement home. During your retirement home years you will only need $104,000 in income per year. You expect to live in the retirement home for 6 years. You will make the first retirement home withdrawal 14 years after retirement and all subsequent withdrawals will continue to be at year-end. If retirement savings will earn a return of 5%, then how much will you need at retirement to fund these planned withdrawals?

How much will you need at retirement to fund these planned withdrawals ?

Reference no: EM131837946

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