08/19/2013 09:30 am ET

New Tool Helps Estimate Your Retirement Income


How much reliable, lifetime retirement income can you generate from your savings? That's a critical question for baby boomers approaching their retirement years without traditional pension benefits. These days, most people are on their own to use their IRAs and 401(k) balances to generate a retirement income that supplements Social Security benefits -- and they don't have a clue about how to estimate how much retirement income they can actually generate.

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