- Key Insight: Many Americans find it difficult to turn their retirement savings into a steady income. Bank of America’s new app, 401k Pay, is designed to make it easier.
- Supporting Data: Among 401(k) users who made yearly withdrawals, a Vanguard study found, only 20% took out a consistent, moderate amount.
- Expert Quote: “Turning retirement savings into a reliable income stream is one of the biggest challenges Americans face in retirement,” said Jeff Clark, head of defined contribution research at Vanguard.
It’s common knowledge that many Americans struggle to save enough money for retirement. But another challenge is how to turn those savings into an income.
