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Retirement may be a stone’s throw away for older boomers but a survey finds that many are in the dark about how much it’ll take to fund their golden years. Two-thirds of about 1,100 respondents aged 55-60, and one-third of those 61-65, say they’re not certain how much money they’ll need to cover basic living expenses once they stop working. The findings of the Transition Boomers and Retirement Income Survey, conducted in June by Allianz Life Insurance Company of North America, seemed …
In 2011, the number of Americans taking early Social Security benefits dropped to a 35-year low, according to a new report from the Urban Institute. For the second consecutive year, those taking benefits fell (to 27% of the number of eligible older adults). That’s down from 31% in 2009, reestablishing a 12-year downward trend interrupted only by the recent recession.
If you’re worried about outliving your retirement savings, consider this: Don’t withdraw more than 6 percent annually from your employer-sponsored 401(k) or 403(b) plan. Take more than that and you could be tempting fate. That’s the harsh conclusion from the Institutional Retirement Income Council, a nonprofit think tank that looked at several strategies for new retirees. Determining how much retirees should withdraw from their retirement plans has been a favorite subject of debate among retirement planners. The council’s 6 percent figure is at …