Millions of Americans are no doubt relieved when they peek at their retirement savings these days. The stock markets roughly 170% surge the past five years has helped fatten up 401(k) and other retirement accounts. The average balance for pre-retirees climbed 15.4% in 2013 to $412,131, according to a survey of different retirement accounts by Fidelity Investments. Yet even if you have $1 million or more set aside for retirement, figuring out how much to withdraw each year is a challenge. Take out too much initially and you risk running short later on. Withdraw too little early and you could sacrifice quality of life and leave excess savings behind. Even financial advisers disagree about optimal withdrawal rates. It continues to be fodder for debate in bars, says Daniel Joss, an adviser with FJY Financial in Reston, Va.
Posted on: Thu, 06 Mar 2014 14:10:17 +0000
Trending Topics
Recently Viewed Topics
© 2015