If you’re approaching retirement or have just recently retired, a mission-critical task is using your 401(k), 403(b), 457, IRAs, and other retirement savings to support your life in retirement. If you’re like most people, you’re concerned about stock market crashes and outliving your money. Let’s look at how you can withdraw from your retirement savings in a way that addresses these goals.
Withdrawing From Retirement Savings—The Overall Strategy
The best way to withdraw funds from your retirement savings is to use most of your savings to generate monthly retirement paychecks that are designed to last the rest of your life, no matter how long you live. You might also want to set aside some of your retirement savings for an emergency cushion to meet unpredictable expenses or to fund a “travel fun bucket” that provides a stream of cashflow for a temporary period to pay for travel while you’re still vital and healthy. But most of your savings should be devoted to lifetime retirement income generators.
Support authors and subscribe to content
This is premium stuff. Subscribe to read the entire article.