Living off a retirement nest egg can be a daunting prospect. Even if you've saved diligently, converting that money to a monthly paycheck is no slam dunk.
So we asked retirement planner ING Financial Services to help us analyze what it takes to produce $1,000 a month in steady income to augment a pension and/or Social Security, for a minimum of 20 years from retirement at 65. We picked 20 years because Social Security's Life Expectancy tables predict:
A man reaching age 65 today can expect to live, on average, until age 83.
A woman turning age 65 today can expect to live, on average, until age 85.
Thanks to Lynne Ford, CEO of ING Individual Retirement, here are our recipes for turning a 401(k) or other retirement savings into a regular income.