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Although Edward Jones recommends that retirees start with a plan to withdraw 4% of their retirement savings each year, Americans have a widely varying idea of how much they will need, the investment firm found in a survey of 1,011 people.
Thirty-four percent have no idea how much they will need to withdraw each year, and 25% expect to use up more than 10% of their savings each year. For those already retired, 15% are planning on drawing down 10% or more of their savings each year.
Lee Barney has been the editor of Money Management Executive since 2002 and has been writing about Wall Street since 1993. Previously, at United Medias Wall Street & Technology magazine and … Read full bio
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