You would like to start saving for your retirement

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You would like to start saving for your retirement and are trying to figure out how much to save.   You plan to save $15,000 per year for the 40 years you are working. When you retire, you will begin withdrawing your money in year 41 and plan to withdraw the same amount every year for 35 years. While you are saving for retirement, you expect to earn an 8% return. Once retired, you expect to earn 5%. How much will you be able to withdraw each year for the 35 years you are retired?

Reference no: EM131998044

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