NEXT

Should I work in retirement?

If you're worried about making your money last your lifetime, then continuing to bring in some cash through a job, even if it is part time, can be a huge help. Let's say you take on some work that gives you enough income so you're able to reduce your IRA withdrawals by $15,000 a year for 10 years. (As we mentioned, if you are over 70 ½ years old you must make a required minimum withdrawal each year. But we're talking about reducing your non-required withdrawals that exceed that minimum.)

Okay, so you delay making that $15,000 IRA withdrawal for 10 years and thus keep the money growing tax deferred at an 8% annualized rate. At the end of that 10-year stretch, your IRA will have nearly $220,000 more in it than it would if you had been withdrawing $15,000 a year instead.


Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.