Question:
Assume you are 25 and earn {eq}$35,000 {/eq} per year, never expect to receive a raise, and plan to retire at age 55. If you invest 5 percent of your salary in a 401(k) plan returning 10 percent annually, and the company provides a {eq}$0.50 {/eq} per {eq}$1.00 {/eq} match on your contributions up to 3 percent of your salary, what is your estimated future value? Once you retire, how much can you withdraw monthly if you want to deplete your account over 30 years?
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