What will the account balance be at that point

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Reference no: EM132158916

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You intend to retire right when you turn 62 years old. At that point you estimate that your Roth IRA (Individual Retirement Account) will be worth $425,000.

You intend to withdraw $35,000 in the first year and then increase your withdrawal to account for inflation.

For example, if the inflation rate is 3%, then your withdrawal in the second year will be $36,050, and so forth (always increasing by 3%) for subsequent years.

You can assume that your IRA will earn yearly interest on any remaining principal in the account.

Assume the inflation rate is 2%. Assume that the account earns yearly interest of 5%.

Calculate your age when you will no longer be able to make a full withdrawal from the account. What will the account balance be at that point?

(Note that $35k per year is not a lot to live on. Start saving now!)

Reference no: EM132158916

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