There's one key message you've inevitably heard when it comes to planning for retirement: Save, save, save.
Now it turns out that how you spend money during your golden years could have as much — if not more — of an impact on how well you live, according to research from J.P. Morgan Asset Management.
That conclusion comes from the firm's analysis of more than 5 million Chase accounts.
And the results show that because the money that goes out fluctuates, traditional retirement rules of thumb may not always apply. That includes the widely cited 4 percent rule, which is aimed at providing a steady withdrawal rate that can provide income throughout retirement.
It also includes income replacement targets. Those typically state that if you have enough of your lifetime total pre-retirement income saved — say, 70 percent to 80 percent — you should have enough to live on.