Retirees can safely withdraw more in 2023 and not run out of money, report finds

Retirees can safely withdraw more in 2023 and not run out of money, report finds

Traditional guidance says not to spend more than 4% of your retirement savings in the first year to protect yourself from running out of money in your golden years.

A new recommendation puts that figure at 3.8% with a 30-year time horizon, according to researchers at Morningstar Inc., a half-point higher than the 3.3% withdrawal they recommended in 2022 due to expectations for lower future investment returns.

That means if you retire this year with a $640,000 portfolio invested 50% in stocks…


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