Nobody wants to run out of money in retirement.
Traditional wisdom says you should plan to live off 4% of your nest egg per year after you retire, which would give your investments enough of a cushion to sustain a lengthy retirement.
But based on recent market trends, the new rule of thumb should be 3.3%, according to researchers at Morningstar.
Check out this video to learn what the new change would mean for people who retire with $1 million.
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