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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 …
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 …
Determining whether retirement savings withdraws are taxable, partially taxable or tax-free can be difficult. A lot of retirees get it wrong””and the federal government is doubling down on efforts to correct them.