Retirees, Automate Your Spend-Down Plan

Online advisory services can help retirees determine a reasonable spending plan.

(Image credit: nyul)

It’s one of the thorniest questions retirees face: How much can you safely spend each year? And once you’ve figured that out, which accounts should you tap first, how do you minimize taxes, and how do you keep your remaining portfolio in balance?

Early this year, Income Strategy will offer two new services, says William Meyer, managing principal. For retirees who want to manage their own money, the firm will offer not only access to the software but also specific trade recommendations to help draw down assets efficiently. The fee will be about $20 a month.

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Eleanor Laise
Senior Editor, Kiplinger's Retirement Report
Laise covers retirement issues ranging from income investing and pension plans to long-term care and estate planning. She joined Kiplinger in 2011 from the Wall Street Journal, where as a staff reporter she covered mutual funds, retirement plans and other personal finance topics. Laise was previously a senior writer at SmartMoney magazine. She started her journalism career at Bloomberg Personal Finance magazine and holds a BA in English from Columbia University.