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Turning Your Retirement Savings Into Income - Forbes
You’ve worked hard all of your life, diligently saved for the future, and now the future is here and it’s time to transition into your “golden years.” So how do you take that big nest and turn it into an income stream that, along with your Social Security, will give you the money you need to be comfortable? That’s where this Forbes article by financial planner Erik Carter comes in. As explained in the article, if your nest egg is large enough, you might be able to simply take the interest and/or dividends which normally accumulate within your savings. Or you might consider purchasing an income-producing annuity to create a flow of monthly money. Or you might choose to simply draw off a small annual percentage of your portfolio using a proven technique like the famous “4% Rule.” The method you choose should look at your retirement horizon (your life expectancy) as well as your income needs and the risk you’re willing to take, as explained in this article.