The rules that govern retirement spending are changing. No surprise, then, that retirees have lots of new questions.
For decades, conventional wisdom was that retirees who wanted a high degree of certainty their money will last should spend no more than 4% of their savings in the first year of retirement and adjust that amount annually to keep pace with inflation. Research firm Morningstar Inc. upended that thinking earlier this month with a recommendation that people spend no more than 3.3% of their savings at the start of their golden years.
