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How Long Will Retirement Savings Last?
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The 4% rule states that if you begin by withdrawing 4% of your savings balance in your first year of retirement, and then adjust subsequent withdrawals to account for inflation, your savings should last 30 years.
What is a personal retirement savings account?
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A personal retirement savings account is a long-term personal retirement account designed to enable you to save for retirement in a flexible manner. (this is especially important for people with no pension provision). Your PRSA is a contract between you and a PRSA provider in the form of an investment account.
What is a retirement plan?
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A retirement plan is a financial arrangement designed to replace employment income upon retirement. These plans may be set up by employers, insurance companies, trade unions, the government, or other institutions.