What are the best practices for retirement planning?
The best practices for retirement planning include starting early, setting clear goals, diversifying investments, and regularly reviewing your plan.
How much should I save each month for retirement?
A common recommendation is to save at least 15% of your income each month, but this can vary based on your retirement goals.
What investment options should I consider?
Consider a mix of stocks, bonds, and mutual funds. It's also wise to look into retirement accounts like 401(k)s and IRAs.
When should I start withdrawing from my retirement savings?
It's generally advised to start withdrawing at age 59½ to avoid penalties, but your specific needs may dictate a different strategy.
How can I ensure my savings last throughout retirement?
To ensure your savings last, create a sustainable withdrawal strategy, consider annuities, and regularly reassess your financial situation.
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