IRAs and 401k: 3 ways to generate lifetime retirement income
Last Updated Jul 19, 2011 12:59 PM EDT  The money in your IRAs
and 401k plan is not there to spend in your retirement.  Can
that be right? Did I actually mean what I just said? Absolutely!
My concern is that after you retire, you see that you
accumulated a good amount of retirement savings in your IRAs and
401k plan. It looks like a lot of money, so you just spend it on
whatever you think you need for your retirement living expenses.
But if you're not careful, it won't take too many years to
exhaust the balance in your IRAs and 401k. And while you've got
plenty of years of living left, now you're broke. This is a
situation that, unfortunately, I've seen happen all too often.
To prevent this situation from happening to you, I've got
another idea: Instead of spending the money in your IRAs and
401k, think of your retirement savings as a monthly paycheck
generator. Then, spend no more than the amount of this monthly
paycheck. Most of us live paycheck