Why this works better than the 4 percent rule for retirees
Figuring out how much you need to save for retirement is a moving target. Save too little, you run out of money in old age. Save too much, you end up with a fancy funeral and wealthy heirs.
BlackRock, the world’s largest asset manager, created a series of indexes to track how much it would cost for investors to generate income in retirement.
“If you don’t know the fair value today of your anticipated retirement needs, it’s kind of like buying a house and not knowing what the mortgage is,” said Chip Castille, BlackRock’s chief retirement strategist.
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