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Your retirement savings won’t go far if you’re buying Cadillacs on a Chevrolet budget. But financial advisors have a range of rules to help gauge how much you need for retirement.
The popular 4% rule says you can spend 4% of your retirement savings in the first year of retirement. You then adjust this amount annually for inflation to calculate future withdrawals.
Naegele's rule is a standard way of calculating the due date for a pregnancy when assuming a gestational age of 280 days at childbirth. The rule estimates the expected date of delivery (EDD) by adding a year, subtracting three months, and adding seven days to the origin of gestational age.
The 4% rule is based on a 90% probability that your money will be enough for your whole retirement. But if you're OK with more uncertainty, you might be able to withdraw 5% or 6% a year.
Image source: The Motley Fool/Upsplash. You probably know it's important to make an effort to save for retirement. The average retiree today only gets about $23,000 a year from Social Security ...
Rule of 25: After accounting for her Social Security and other sources of retirement income, Katie plans to spend $40,000 a year in retirement. 40,000 x 25 = $1 million, so Katie would need $1 ...