When you retire, you’ll likely have a nice amount of money saved up — possibly even more than you thought you’d have. So withdrawing a small amount, such as five percent or even a little more, each year to help cover your expenses during retirement won’t add up to much, right?
One of your biggest retirement risks is outliving your savings. In fact, most retirees should plan on living 20 or 30 years (or even longer) in retirement. That’s why you have to be very careful not to draw too much money from your savings each year. Read more