According to Forbes, there are 13 mistakes plan participants make with their 401(k). I’d like to add No. 14: no plan for how they won’t burn through their savings after they retire.

Almost 80 million baby boomers will be settling into retirement soon, and the aftermath of the financial crisis (not to mention a pending threat for a second recession) has fortified the need to draw down savings. Retirees need a way of generating monthly income, not cashing out all at once.

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