A new study has crunched the numbers to find a way to helpwould-be retirees to turn their retirement savings into retirement income.
The study “How to ‘Pensionize’ Any IRA or 401(k) Plan,” acollaborative effort between Steve Vernon, consulting researchscholar at the Stanford Center onLongevity, and the Society of Actuaries, sought to find a waythat middle-income workers could beef up the effects of theirretirement savings on their own and even use the information todecide whether they were financially prepared to retire or whetherthey should work longer, or even part time.
That middle-income group seldom consults a financial advisor,the study points out, and are ill equipped to make the sort ofdecisions either an advisor or an actuary would make to turn theirdefined contribution retirement savings into income that willsupport them similar to the way a defined benefit pensionwould.
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