I am currently 26 years old and have $8,000 in my retirement savings account. I now plan to begin saving $1,000 per month until I retire at age 65. I believe that I can earn 6.0% on my investments based on my risk profile. If the actuaries estimate that I will live to be 89, and I plan to shift my retirement savings to a safer portfolio that delivers a 3.0% return when I retire, how much can I take each month in retirement from my portfolio and end up with exactly no money when my time is up (i.e., I go to that big investment house in the sky)? If I decided to increase my risk tolerance level during my working years and shifted my retirement savings into a more aggressive fund that earns 8.0% instead of the 6.0% originally assumed, what would my revised monthly retirement payout be? What explains this difference - be specific and clear (as if you were explaining it to a financial novice).