And what’s the best way to draw down your hard-earned retirement savings to last the rest of your life? The Spend Safely in Retirement Strategy compared favorably to these strategies using eight metrics, including the amount of retirement income and undesirable volatility. Optimizing Social Security BenefitsThe first step is to optimize your Social Security benefits. For example, if they would have received $20,000 per year from Social Security and are delaying Social Security for five years, they should set aside $100,000 and withdraw $20,000 per year from that fund during the delay period. After a life-long career studying retirement, this 60-something actuary will be using a version of the Spend Safely in Retirement Strategy himself!

Source: Forbes January 16, 2018 18:22 UTC