Many retirees are disappointed by limited withdrawals from their IRA or 401(k). The 4% rule suggests withdrawing 4% of your account balance annually for 40 years. However, this may not provide the desired income. By increasing stock exposure in your portfolio, you can potentially sustain a higher withdrawal rate. Having cash reserves can mitigate stock market risk during retirement. Personal risk tolerance is key in deciding the best approach for your retirement savings. Additionally, maximizing Social Security benefits could significantly boost retirement income by up to $23,760 annually. Join Stock Advisor to learn more about these strategies.

Read more at Nasdaq: Want a Higher Retirement Withdrawal Rate Than 4%? Here’s What You Need to Do