Although Edward Jones recommends that retirees start with a plan to withdraw 4% of their retirement savings each year, Americans have a widely varying idea of how much they will need, the investment firm found in a survey of 1,011 people.

Thirty-four percent have no idea how much they will need to withdraw each year, and 25% expect to use up more than 10% of their savings each year. For those already retired, 15% are planning on drawing down 10% or more of their savings each year.

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