These tools can help you figure out how big your paychecks will be in retirement
div > div.group > p:first-child"> But what happens when you get to your retirement years? Do you know how to turn your life savings into a steady, tax-efficient stream of income?And you're not alone. Most pre-retirees — 66 percent — have not calculated how much money they will need to cover their expenses in retirement, according to the Alliance for Lifetime Income.
"If I went to you and said, 'Hey, take out 4%,' you're scratching your head like, 'OK, where do I withdraw from?'" said Bill Meyer, founder and managing principal of Social Security Solutions and founder and CEO of Income Strategy.A new platform called Kindur officially launched a feature last week that aims to help you create a check you can count on in retirement.
"I just fell in love with how easy these companies are making it to access these financial products," Horgan said.To sign up, individuals must fill out a short questionnaire. That initial process does not require access to specific accounts. To start, just indicating about how much is in pre-tax versus taxable accounts is enough.
Kindur charges its users 0.5% per year. While the company typically charges a fixed $149 fee for the advice it provides, right now they are providing some promotions for users to try it out for free.The company, which plans to delve deeper into Medicare and health care going forward, has ample backing from investors.
For example, one withdrawal from your individual retirement account could impact both your Social Security taxes and what you pay for Medicare.
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