keyannabrown166 keyannabrown166

27-05-2023
Business

Answered

The Caldwells have determined that they need an after-tax income of $60,000 annually, not indexed for inflation and received in equal installments at the beginning of each month for 28 years. They will pay the income taxes from the investment income. Assuming a constant 32% tax rate during their retirement and a 6.5% pre-tax nominal annual rate of return compounded monthly, how much would they need in total savings at the beginning of their retirement?

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