Problem:
You retire at age 60 and expect to live another 27 years. On the day you retire, you have $464,900 in your retirement savings account. You are conservative and expect to earn 4.5% on your money during your retirement.
Required:
Question: How much can you withdraw from your retirement savings each month if you plan to die on the day you spend your last penny?
a. $2,001.96
b. $2092.05
c. $2,472.00
d. $2,481.27
withdraw from retirement savings