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What's a "Safe" Amount of Money to Take from Your Portfolio?
Manage episode 356645294 series 3428540
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You've finally made it to retirement, and, presumably, you've got a certain amount of money saved up that you'll need to tap into from time to time. But the problem is that you don't want to take too much, because you don't know how long you'll live, and thus have no idea how much is "too much" to take out.
This is a common dilemma for retirees. You require a certain amount of money to meet your basic expenses, but it may have to last at least a few decades. Is there a "safe" amount you can withdraw each month so that you won't outlive your savings?
Podcast host Johnny Dean and his guest, "Professor" Rick Plum, CFP® talk about how to figure out what may potentially be the "right" amount you can remove from your portfolio in this week's episode of Managing Your Financial Future!
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