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4 Ways to Outlive Your Retirement Savings
Ever wake up in cold sweat at night wondering whether you’ll outlive your retirement savings? You’re not alone. Many Americans have spent too much and saved too little, and traditional defined-benefit pensions have gone the way of the fax machine, displaced by 401(k) plans with modest balances. The median 401(k) plan balance for two-person households nearing retirement (age 55 to 64) is about $111,000, according to the Center for Retirement Research at Boston College. To some, that may seem like a big nest egg, but it equates to less than $400 per month during retirement, assuming a yearly withdrawal rate of 4 percent, adjusted for inflation. Read more…