Fastest Four: What is My Retirement Number?

Retirees fear running out of money more than they fear death. That's not an exaggeration — it's what's driving a massive gap between what retirees have saved and what they're actually willing to spend. A married 65-year-old couple withdraws just 2.1% of their retirement savings a year. A single retiree: 1.9%. Meanwhile, 71% of workers say they'd be reluctant to touch their savings at all in retirement. There are two reasons for this "Just in Case" retirement mindset — and only one in five retirees have the one document that fixes it: a written retirement income plan. Scott Inman breaks down why the number you should be chasing isn't $1M or $2M — it's a monthly income number.