Derek plans to retire on his 65th birthday. However, he plans to work part-time until he turns 71.80. During these years of part-time work, he will neither make deposits to nor take withdrawals from his retirement account. Exactly one year after the day he turns 71.8 when he fully retires, he will begin to make annual withdrawals of $175, 038.33 from his retirement account until he turns 93.00. He he will make contributions to his retirement account from his 26th birthday to his 65th birthday. To reach his goal, what must the contributions be? Assume a 6.53% interest rate

Since he was 24 years old, Ben has been depositing $225 at the end of each month into a tax-free retirement account earning interest at the rate of 3.5%/year compounded monthly. Larry, who is the same age as Ben, decided to open a tax-free retirement account 5 years after Ben opened his. If Larry's account earns interest at the same rate as Ben's, determine how much Larry should deposit each month into his account so that both men will have the same amount of money in their accounts at age 65. (Round your answer to the nearest cent.)

Terrance is age 71 and retired. Beginning in 2020, he must start taking minimum distributions from his IRA account that had a balance of $175,000 as of December 31, 2019. Make these three assumptions: his IRA will earn 6% per year, he will withdraw the minimum distribution on the last day of each calendar year, and only one distribution will be taken in 2020. Required: Calculate the amount of his distribution for years 2020 through 2024 and the ending balance in his IRA account on December 31, 2024. Use Table I, Table III and Table V. (Round "Applicable Life Expectancy" answers to 1 decimal place and other answers to nearest whole dollar value. Use these answers in subsequent computations.) Year. (1) IRA Balance At End of Prior Year. (2) Applicable Life Expectancy. (3) Required Distribution. (4) IRA Earnings. (5) Ending Balance 2020 2021 2022 2023 2024

Tameshia deposits $5500 in her retirement account every year. If her account pays an average of 6% interest and she makes 38 deposits before she retires, how much money can she withdraw in 20 equal payments beginning one year after her last deposit?

A woman is planning for retirement in 30 years and decides she can deposit $6,000 each year on December 31 into a retirement savings plan that she expects will pay 6% interest.  In 20 years she also expects to receive a small inheritance of $12,000 that she can also put into her retirement fund. The woman anticipates that her retirement fund will need to last 20 years; she estimates that she will need $60,000 at the end of each year in retirement to cover her living expenses. Her plan is flawed.  How much extra does she need to save every year (rounded to dollars and cents) to achieve her goals? (Do not round interim calculations)

Eugene began to save for his retirement at age 35, and for 15 years he put $ 325 per month into an ordinary annuity at an annual interest rate of 8% compounded monthly. After the 15 years, Eugene was unable to make the monthly contribution of $ 325, so he moved the money from the annuity into another account that earned 8% interest compounded monthly. He left the money in this account for 15 years until he was ready to retire. How much money did he have for retirement? If Eugene had waited until he was 44 years old to start saving for retirement and then decided to put money into an ordinary annuity for 21 years earning 8% interest compounded monthly, what monthly payment would he have to make to accumulate the same amount for retirement as you found in the first part of the question?

Sam refuses to retire until his retirement account has a balance of at least $ 369,214 . Sam refuses to make any more deposits in the account. The account currently has a balance of$ 117,923 and earns 6% per year, compounded semi-annually. How long does Sam have before he will retire? You are computing number of years. Round your answer to one decimal place. For example, record 14.294 years as 14.3.

Eugene began to save for his retirement at age 30, and for 11 years he put $ 275 per month into an ordinary annuity at an annual interest rate of 7% compounded monthly. After the 11 years, Eugene was unable to make the monthly contribution of $ 275, so he moved the money from the annuity into another account that earned 11% interest compounded monthly. He left the money in this account for 24 years until he was ready to retire. How much money did he have for retirement?

Logan starts an IRA (Individual Retirement Account) at the age of 30 to save for retirement. He deposits $⁢400 each month. Upon retirement at the age of 65, his retirement savings is $⁢943,445.01. Determine the amount of money Logan deposited over the length of the investment.  Round to the nearest thousand dollars.

Jonathan is planning to retire on January 1, 2024. his goal is to have enough money in his savings account to be able to withdraw $2,000 per month beginning one month after retirement and continuing for 25 years after retirement. He earns an annual effective rate of interest of 10% on his account. Determine the minimum amount needed in his savings account on January 1, 2024, to accomplish his goal. Possible Answers $235,000 but $255,000