What's the key to long-term retirement success? Not outliving your money. And to do so, the Institutional Retirement Income Council suggests advisors carefully work with their clients to figure out withdrawal rates that are both realistic and safe, over the long term. That may require some serious retooling of their plans.
In "The Problem With Spending Too Fast," a new brief released Tuesday, the IRIC notes that retirees need to change their focus and consider their retirement plan account balances more as a source of monthly income, not just their personal wealth.
It also focuses on three key strategies retirees can use to better address the decumulation phase and make safer decisions regarding their 401(k) or 403(b) retirement plans:
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