Saving for retirement can be hard. Planning how to spend that nest egg — while ensuring the money doesn’t run out — is harder.
But there’s good news: Americans can build a simple, low-cost retirement plan using just Social Security and savings, according to experts.
From an academic standpoint, the “optimal” retirement strategy combines two concepts, said Wade Pfau, a professor of retirement income at The American College of Financial Services.
On one hand, retirees set up a “floor” of income using guaranteed payments like…