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For example, if you want to withdraw $50,000 your first year of retirement, you’d need to save $1.25 million ($50,000 x 25) to follow the 4% rule. How long will $1 million last in retirement?
The 4% retirement rule doesn't account for investment fees or taxes. Investment fees charged by financial advisors or mutual funds can eat into your returns and shorten how long your portfolio lasts.
William P. Bengen is a retired financial adviser who first articulated the 4% withdrawal rate ("Four percent rule") as a rule of thumb for withdrawal rates from retirement savings; [1] it is eponymously known as the "Bengen rule". [2] The rule was later further popularized by the Trinity study (1998), based on the same data and similar analysis.
Other authors have made similar studies using backtested and simulated market data, and other withdrawal systems and strategies. The Trinity study and others of its kind have been sharply criticized, e.g., by Scott et al. (2008), [2] not on their data or conclusions, but on what they see as an irrational and economically inefficient withdrawal strategy: "This rule and its variants finance a ...
National Savings and Investments (NS&I), formerly called the Post Office Savings Bank and National Savings, is a state-owned savings bank in the United Kingdom. It is both a non-ministerial government department [ 2 ] and an executive agency of HM Treasury . [ 3 ]
Early withdrawal rules: Taking money out of a traditional IRA before age 59 ½ will typically result in taxation and may be subject to a 10 percent penalty. Required minimum distributions: Yes ...