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How Not to Run Out of Money in Retirement

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An actuary who’s studied the issue for three decades recently proposed a relatively straightforward strategy that can help. In its simplest form, the “Spend Safely in Retirement” plan suggests waiting until age 70 to claim Social Security and using the IRS’ required minimum distribution table to determine how much to withdraw from savings each year.

Even those who stop work earlier can use the strategy, or a version of it, to figure out when they can afford to retire and how much they can spend, says Steve Vernon, a research scholar at the nonprofit Stanford Center on Longevity in Stanford, California. Vernon worked with the Society of Actuaries to study nearly 300 different retirement income approaches. The strategy was the best way for...

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