The tool will help participants in the firm’s SmartRetirement funds withdraw a portion of the money they have invested each year after they retire. When participants in SmartRetirement funds retire, they can withdraw a portion of their money each year until a target maturity that is 35 years after their retirement. The fund will suggest an annual withdrawal amount that would allow them to continue withdrawing over that time period. The retirement spending tool, which includes an interactive calculator that helps retirees look at spending tradeoffs, is based on JPMorgan Chase’s spending data, which covers almost half of U.S. households.
Is this a good idea for the elder population?