For years, you’ve been saving for this moment. But now that it’s here, do you have a plan in place to make your retirement income last as long as your retirement does? You don’t have to do it alone. With the help of a financial representative, you can create your action plan.
Understand what you have.
Knowing what you own is a little more complicated than simply reviewing your 401(k) or IRA balance. In fact, a broad array of retirement income sources could come into play in helping you create the lifestyle you want to live after you finish working. In addition to your workplace savings plan and IRA, you need to factor in the potential income that may come from Social Security, investments, real estate, pensions, and even part-time employment. Woven together, these income sources can form a much stronger retirement plan than they can individually.
Once you know your income sources, you'll need to create a budget, figure out how much money you should be withdrawing from your retirement nest egg, establish a timeline for taking distributions from your retirement income sources, find ways to access your money when you need it, and employ a strategy to make it last as long as possible. Talk to your financial professional today to find out what option is right for you.