ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -One frequently used rule of thumb for retirement spending is known as the 4% rule. It’s relatively simple: You add up all of your investments, and withdraw 4% of that total during your first year of retirement.

Detailed explanation-2: -Your required minimum distribution is the minimum amount you must withdraw from your account each year. You generally have to start taking withdrawals from your IRA, SEP IRA, SIMPLE IRA, or retirement plan account when you reach age 72 (70 ½ if you reach 70 ½ before January 1, 2020).

Detailed explanation-3: -Ideally, you’ll choose a mix of stocks, bonds, and cash investments that will work together to generate a steady stream of retirement income and future growth-all while helping to preserve your money.

Detailed explanation-4: -Whenever a person is doing any professional occupation or job, he may be retired because of aging and low efficiency of doing work. This is called retirement from occupation.