Hello,
I'm 65 years old and about to retire. I have $875,000 in my $401k account. I want to withdraw $5,000 per month going forward. The $875,000 is all pre-tax money so whenever I make a withdrawal I'll have to pay 17.5% in taxes. Assuming the money that remains in the account earns 5% annual rate of return how many months before my money runs out?
Thanks
I'm 65 years old and about to retire. I have $875,000 in my $401k account. I want to withdraw $5,000 per month going forward. The $875,000 is all pre-tax money so whenever I make a withdrawal I'll have to pay 17.5% in taxes. Assuming the money that remains in the account earns 5% annual rate of return how many months before my money runs out?
Thanks