More than half of still-working Americans (56%) say the most important goal for a retirement plan is to guarantee money every month to cover living expenses, according to a 2017 TIAA survey. Yet if they're offered the ability to receive a $500,000 lump sum at retirement or $2,700 per month for life, only 62% favor the monthly income.
That's worrisome, since what we really need in retirement is not a big lump sum, but income for the rest of our lives. Our savings really represent future income, and we need to think of them that way as we aim to build sufficient lifetime income streams Here's a look at the kind of income you'll need and how you might get it.
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