Investment Management Corporation, an investment advisory firm located in Roanoke Va. has calculated how much income can be safely withdrawn to make sure it will last for as long as needed.
For years, financial planners have advised clients to replace 80% of their pre-retirement income in order to live comfortably in retirement, but you may need less retirement income than you think.
Catch-up contributions allow you to contribute to certain tax-favored retirement accounts above the normal contribution limit. It is a way to make up for lost time.
