How to create a retirement paycheck that lasts

Saving and investing for retirement may actually be easier than deciding how to safely spend what you’ve accumulated.

Withdraw too much and you could run out of money. Withdraw too little and you might stint on some retirement pleasures you could actually afford. Taxes and Medicare premiums should be considered, too, since both could be inflated by the wrong withdrawal strategies.

Financial planners use powerful software to model various ways to tap retirement funds so they can recommend the best options for their clients. Recently, some companies introduced similar software that consumers can use to find the most tax-efficient, sustainable strategies.

In my latest for the Associated Press, a look at the pros and cons of these new programs.

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  1. My husband is 71, I am 82, and we are both still working, but at very low wages without which we would we would be unable to pay our bills. We are both diabetics so we have ongoing medical expenses. We had two rental properties that were repossessed by the bank because we couldn’t maintain the mortgage payments with irresponsible tenants. Our total savings now amounts to $45,000. How can we use this money to build a retirement fund?