Sentences with phrase «drawing on your retirement savings»

The rationale is that by doing so, you are not drawing on your retirement savings.

And by putting off my full retirement and not drawing on my retirement savings, my nest egg should last longer.»

Not exact matches

According to GAO's analysis of the 2013 Survey of Consumer Finances, many older households without retirement savings have few other resources, such as a defined benefit (DB) plan or nonretirement savings, to draw on in retirement (see figure below).

Households that have retirement savings generally have other resources to draw on, such as non-retirement savings and DB plans.

And draw down your retirement account savings in line with IRS rules on required minimum distributions, which start at 3.6 percent a year at age 70 1/2.

Dialing back on stocks is less of an issue if you're getting ready to draw income from your savings for retirement or already doing so, as preserving capital is typically a bigger priority when you're older.

So when you're creating your retirement income plan, remember: the rate at which you draw spending cash from your savings will have a bigger effect on how long your nest egg will support you than how you invest it.

But after all the hard work you put into amassing your retirement savings, you owe it to yourself to try to figure out the best way to draw down on your assets.

Rather than attempt the complex calculations necessary to arrive at an optimal strategy for drawing down and spending their retirement savings, retirees rely on easy - to - follow rules of thumb, such as the 4 % rule advocated by some financial planners.

Having arrived at the age where I need (but given the economic predicament can not draw on) my retirement savings, my question is not so much how can we hedge against inflation but how can we protect ourselves against out - and - out economic catastrophe.

But if you think you might have to draw more heavily on your retirement savings to maintain the retirement lifestyle you envision — or you just want to have more of a cushion to absorb unexpected expenses — then a no - stocks investment strategy may not be as trouble free as seem to think.

When it comes to turning retirement savings into lifetime retirement income, many retirees and advisers rely on the 4 % rule — that is, withdraw 4 % of savings the first year of retirement and increase that amount by inflation each year to maintain purchasing power (although in a concession to today's low yields and expected returns, some are reducing that initial draw to 3 % or even lower to assure they don't deplete their savings too soon).

[iii] The decumulation phase refers to the period after retirement, where retirees draw down on or «decumulate» their retirement savings.

My wife and I have about $ 2 million in savings spread among a series of bank savings accounts, CDs and money - market accounts that we plan to draw on for retirement income in the near future.

This can mean a huge tax savings overall because when you draw the funds out at retirement, you won't be taxed on any of the growth.

In addition to less money to cover monthly expenses, seniors are at the stage where they are drawing down on their retirement savings and dealing with healthcare costs that often rise with age.

They have chosen to put all savings into TFSAs as they have been told that the tax savings on the front end of an RRSP will likely not make up the tax payments when they have to draw in retirement.

These policies combine the benefits of insurance coverage with an investment or savings component, building cash values that you could draw on for financial security during your retirement years.

Use the sliders at the top of the calculator interface to enter your (or your spouse's) current age, your desired retirement age, your salary and annual retirement savings, and that's enough for the calculator to draw up a figure on the corresponding chart, tracking how much you'll have saved up for your goal every five years until retirement.