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The 'Feel Free' Retirement Spending Strategy (PDF)
R. Evan Inglis, FSA, via Society of Actuaries June 29, 2016
"To determine a safe percentage of savings to spend, just divide your age by 20 (for couples, use the younger spouse's age). For someone who is 70 years old, it's safe to spend 3.5 percent (70/20 = 3.5) of their savings. That is the amount one can spend over and above the amount of Social Security, pension, employment or other annuity-type income.... Anyone who wants to spend more than the feel-free spending level (divide-age-by-20 rule), may want to consider buying an annuity to provide some of their income."
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