Income for Life Money (07/02) Vol. 18, No. 2 p.89; Updegrave, Walter
As Baby Boomers prepare for retirement, the issue of how much retirees can afford to withdraw from their retirement assets is being reexamined. Boomers are expected to transfer nearly $500 billion a year from their 401(k)s and other retirement accounts to rollover IRAs. Though the majority of retirees will be able to compensate their lost income with Social Security benefits, retirees will need to strategize if they expect their nest eggs to last them through retirement. One option available for retirees is the "Do-it-yourself" strategy that advocates withdrawing money out of the portfolio as needs surface, but experts warn that this strategy may drain accounts faster than many expect.