To begin with, withdrawals from traditional employer-sponsored retirement plans like these fall under the Internal Revenue Service's "required minimum distributions" (RMD) guidelines. (You aren't required to take these distributions from a Roth IRA.)
First of all, save early – and save often. Too many people put off saving for retirement until they are in their late 40s – and even their 50s. If you wait until you are in this age group, you can still do quite a bit to help build the resources you will need for retirement – but it will be more challenging than if you had begun saving and investing while you were in your 20s or early 30s.
Not surprisingly, your retirement date likely will be heavily influenced by your financial situation – so, if you have to keep working, that's what you'll do. But if you have a choice in the matter, your decision could have a big impact on your investment strategy.
Your first step in addressing these objectives is to maintain realistic expectations. Consider the issue of paying for college. Right now, the average four-year cost (tuition, fees, room and board) is about $80,000 for in-state students at public universities and approximately $180,000 for private schools, according to the College Board. And these costs are likely to keep rising in the years ahead
Of course, "legacy" can mean many things. In the broadest sense, your legacy is how you will be remembered by your loved ones, friends and the communities to which you belong. On a practical level, establishing your legacy means providing your family and the charitable organizations you support with the resources you would like them to have.