Most likely, your 401(k) plan isn’t a true retirement plan. But it may be a valuable savings plan that helps you accumulate retirement assets
retirement plan that helps you accumulate retirement assets. But most 401 plans don’t have the robust features needed to turn your hard-earned savings into streams of reliable retirement income. If 401 plans adopted the features described in this post, they’d deserve to be called a true “retirement plan.”
With most of your remaining savings, invest in a low-cost target date, balanced, or stock index fund. To calculate the annual withdrawal from your savings, use the IRS required minimum distribution amount. If you retire before age 70-1/2, when the RMD is required, use the same methodology to calculate your annual withdrawals.compared the SSiRS to 292 different retirement income strategies using sophisticated analytical methods.
To fund a Social Security bridge payment, it would pay you a specified monthly dollar amount that roughly equals the Social Security benefit that you’re delaying. The 401 plan would pay you this amount until you decided to start Social Security benefits.
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