Annual rates of return can vary significantly and will depend upon your asset allocation and other variables. Historically, higher rates of return have been associated with higher degrees of risk.
Some financial planners recommend an annual withdrawal rate between 3% and 6% of your initial savings balance at retirement. However, you should choose a rate that suits your specific needs.
If the IRA holder turns 70½ this year, he or she can defer the first distribution until April 1 of the next year. If the holder is older, he or she would normally be required to take an RMD before December 31 of this year. RMDs are considered taxable income for the year in which they are taken.
A retiree's Social Security benefit is generally based on his or her earnings history. A spouse with little or no outside earnings is generally entitled to one-half the primary wage earner's benefit rate. You can find an estimate of your projected benefits at www.ssa.gov/myaccount/. You can also call the Social Security Administration at 1-800-772-1213.