Make Your 401(k) Last In Retirement

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 …

The Takeaway: IRS Cracking Down On Underreported Retirement Income

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.