You can withdraw $7,882 monthly for ten years with an annual return of 6.5% on the savings.
Data and Calculations:
Your Planned Retirement Age =
70
Your Life Expectancy = 80
Your Retirement Savings at Retirement = $700,000
Annual Contribution from Retirement = $0
Monthly Contribution from Retirement = $0
Average Investment Return = 6.5%
Inflation Rate (Annual) expected = 0%
<u>Result:</u>
Balance at the retirement age of 70: $700,000
The <em>amount you can withdraw monthly</em> from 70 to 80: = $7,882
Thus, you can withdraw $7,882 <u>every month</u> for ten years.
Learn more: brainly.com/question/13401649
