Mr. X to retire at age 65 and believes that he can live comfortably with an annual pension of $76,000, to be withdrawn at the beginning of each year in his retirement. Suppose his pension account will generate 9% of annual interest rate, and suppose Mr.X believes tgat he will live to 100. In order to have sufficient money for his retirement , what is the minimum amount that Mr. X must have saved up in his pension account at the time of his retirement at of 65?

Q: Henry would like to have a retirement income of $3,000 per month (month-end payments). How much must…

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A: Annuity grow by some constant amount of gradient and due to this growth amount grow much amount.

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Q: Julie has just retired. Her company's retirement program has two options as to how retirement…

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A:

Q: You annually invest $1,500 in an individual retirement account (IRA) starting at the age of 25 and…

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Q: I understand the awnser to this question is B but can you explain in detail why it is B. You inherit…

A: Today money=$300000Interest rate=r=7%Period=20 yearsHow can withdraw annually.

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Q: Your father is 50 years old and will retire in 10 years. He expects to live for 25 years after he…

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Retirement Income

Retirement income is the income received by the retiring person after retirement. Income can either be paid every month or paid annually. The retiree would get a guaranteed income until their death. Retirement income payment differs from person to person based on their investment type and payment method. Some are paid on a lump-sum basis and some are paid in a regular series with fixed payment or variable cash flow. Retirement income can be created from retirement savings, investment, salary, bonus, and wages from employment. Every working individual should plan their retirement income according to their income goals for the future. The plan should be made by identifying suitable income sources, estimating future expenses, applying a savings plan, and managing risk and assets. The most common age for retirement is between 60-65 years.