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Many need 10% to 30% less than planners suggest.
David Blanchett, head of retirement research at Morningstar Investment Management, ran the numbers on the actual spending patterns of retired couples over 30 years. He tracked three annual spending levels: US $25,000, $50,000 and $100,000. He found that as couples aged, they withdrew less than anticipated, mainly because they had simpler lifestyles. As a result, many retirees may need 10% to 30% less in savings than planners suggest.
Source: Morningstar Investment Management
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