Hi there,
I am planning for my retirement and needed to know how much cash I need to set aside in a special account at the beginning. This special account generates up to 6% interest rate on the first $30,000, up to 5% interest rate on the next $30,000 and the rest of the deposit at 4% interest rate per annum. I intend to have a monthly drawdown of $2,500 over a period of 22 years until the special account is fully depleted.
Thank you all for any help you can offer to solve my question.
I am planning for my retirement and needed to know how much cash I need to set aside in a special account at the beginning. This special account generates up to 6% interest rate on the first $30,000, up to 5% interest rate on the next $30,000 and the rest of the deposit at 4% interest rate per annum. I intend to have a monthly drawdown of $2,500 over a period of 22 years until the special account is fully depleted.
Thank you all for any help you can offer to solve my question.