In the course of planning for retirement as that milestone nears, you may end up doing your fair share of number-crunching. And those calculations should include a couple of things:

To arrive at the first, assess your savings and see how much money you've accumulated. Then, figure out what percentage of your savings you'll withdraw on an annual basis. If you have $1.5 million saved and expect to tap your nest egg to the tune of 4% per year, that'll translate into $60,000.

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Source Fool.com