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I'm 67 With $2M in an IRA. How Do I Make It Last for Life?

The article on MSN Money discusses the financial planning of a 67-year-old individual with $2 million in an Individual Retirement Account (IRA). The primary focus is on strategies to ensure this sum lasts throughout their lifetime. Key points include considerations of withdrawal rates, investment strategies, and the impact of inflation. The article suggests looking into the 4% rule for withdrawals, which posits that one can safely withdraw 4% of their portfolio each year, adjusted for inflation, without running out of money over a 30-year retirement. However, it also mentions the need for flexibility in this rule due to market conditions, personal health, and potential changes in lifestyle or expenses. Other considerations include diversification of investments, possibly shifting towards more conservative assets as one ages, and the potential benefits of annuities for guaranteed income. The article also touches on the importance of tax planning, given that IRA withdrawals are taxable, and the potential need for long-term care insurance. Overall, the piece emphasizes a balanced approach to ensure financial security in retirement.

Read the Full SmartAsset Article at:
[ https://www.msn.com/en-us/money/retirement/im-67-with-2m-in-an-ira-how-do-i-make-it-last-for-life/ar-BB1iI4Mb ]