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SavingAdvice.com Blog
For many years people relied on the concept of the 4% withdrawal rate to plan for retirement. However, many experts now say that this method is outdated. If you’re planning on using it for your own future, think again. There are better options for a safe withdrawal rate that you need to consider instead.
What Is the 4% Withdrawal Rate?
The 4% withdrawal rate is a percentage that many people use in retirement planning. The idea is that you should plan to withdraw approximately 4% of your retirement account each year once you retire. Obviously, the intention is to allow you to have a steady amount of income to meet your needs in retirement. At 4%, you are supposed to have what you need and yet not max out your retirement savings during your lifetime. While it’s a popular retirement planning method, many experts now agree that this is not a safe withdrawal rate.
In the area of planning for your retirement, there are a number of rules of thumb that commonly appear in articles and seminars. Let’s test four of the more common guidelines to determine their worth in retirement planning.