Retirement Savings Letting You Down? 3 Ways to Scrounge Up More Income
A lot of people enter retirement thinking they're just fine in the savings department, only to end up disappointed. And that's a harsh reality to face once you've actually made your workforce exit.
It's easy enough to look at a large 401(k) or IRA balance and think, "Great, I'm all set," only to realize after the fact that that money has to last somewhere in the ballpark of 20 to 30 years. And so a $500,000 nest egg might seem more than adequate -- until you run the numbers and realize that if you stick to a 4% annual withdrawal rate, you're left with just $20,000 of income.
But fear not -- if you've entered retirement and your nest egg is a letdown, there are other steps you can take to eke out more income. Here are a few worth exploring.
Source Fool.com
