Planning for and living in retirement requires some daunting financial decisions. How do you create a steady stream of income? What’s the best way to split your portfolio between stocks and bonds? When should you start collecting Social Security?
Facing these complex choices, you may be tempted to rely on long-established rules of thumb, such as the 4 percent rule for retirement withdrawals or the 80 percent rule for replacing work income. Follow them, the conventional wisdom goes, and you put yourself in the best position to not outlive your money.
AARP selected seven retirement rules financial advisers and recent research suggest may be ripe for reconsideration and how varying them up might suit your needs.