You have worked hard for decades. You have diligently saved money in your retirement accounts. You have invested in various stocks, bonds, mutual funds, etc. Now it’s time to retire and live off of the income generated from your investments. How do you tap your nest egg to pay your bills, and make sure your money lasts a lifetime? To answer that question, there are several factors to consider.
- How is your health?
- What is your family medical history?
- How long did your parents live?
- How long did your grandparents live?
Estimate your life expectancy based on the answers to the questions above. Will your money last that long? Additional factors are inflation, the performance of your investments, and how much you withdraw per year. There are several calculators to help you determine if you have enough money, such as T. Rowe Price Retirement Income Calculator. For 5 tips on drawing down retirement income, click here.
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