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Youve hit the million-dollar mark in yourretirement savings.
Letsbreak it down with some expert advice.
This method aims to give you a steady income while keeping your nest egg intact over a 30-year retirement.
But before you kick off planning your $40,000-a-year lifestyle, theres more to consider.
But heres the important part: Its not set in stone.
Conversely, if the market underperforms, the method suggests reducing withdrawals to preserve the portfolios longevity.
Its all about working with what you have.
The revised 2022 RMD table includes retirement plan distributions through age 120+, ONeill explained.
Life Expectancy Method
This approach takes a more personalized view of your retirement timeline.
Then they divide their nest egg by the number of years they think they have left.
Monte Carlo Calculations
For those who like a more data-driven approach, ONeill suggested Monte Carlo simulations.
These are computer simulations that use statistical techniques and data about past investment performance, she explained.
Whatever you choose, youll likely pull out between $30,000 and $50,000 a year to live.
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