Focus on Income Needs Rather than "Magic Number" When Planning for Retirement
Determining income needs is the critical factor in successful retirement planning . Reaching a desired amount of savings is useful, but translating that lump sum of savings into an income stream that lasts for many years is the most important financial planning challenge that retirees face. "“When it comes to retirement planning, Americans need to look beyond the ‘number,’” said Fishbein. “We all know what the number is: That magic dollar figure that, when reached, means you’re set in...
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