According to a study by JPMorgan Chase, 84% of retirees who have reached the required minimum distribution (RMD) age are only withdrawing the minimum amount from their retirement accounts. However, this approach may not meet their annual income needs and can leave them with excess money at the end of their lives. The study suggests that retirees should consider taking out more than the required minimum to support their declining spending in today's dollars. By aligning withdrawals with actual spending behaviors, retirees can have higher spending early in retirement and achieve greater utility from their savings.. Subscribe for more!
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Full title: 84% of Retirees Are Making This RMD Mistake. You Don't Have to Be One of Them
Original article date: 2023-09-08T14:54:37Z
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