Retirement Income Fundamentals
When it’s time to turn savings into income, start with a big-picture overview of what it takes to help generate retirement income that lasts. Whether you plan to build your own portfolio or have it professionally managed, you can count on us for the help you need.
1. Review your situation.
- Know how much money you’ve earmarked for retirement, where you keep it, and how much, if any, you want to leave to heirs.
- Estimate monthly and annual expenses and create a retirement budget. Break out expenses into two categories: those that are essential (such as housing and health care) and those that are discretionary (such as travel and entertainment).
Use our budget planner.
- Determine how much of your spending needs are covered by non-portfolio income sources (such as Social Security) and how much (if anything) you’ll need to cover with income from your portfolio.
The information here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision.
Examples provided are for illustrative purposes only and are not intended to be reflective of results you can expect to achieve.
- 1. Review your situation.
- 2. Maintain a year of cash.
- 3. Consolidate income in a single account.
- 4. Match your investments to your goals and needs.
- 5. Cover essentials with predictable income.
- 6. Don’t be afraid to tap into your principal.
- 7. Follow a smart portfolio drawdown strategy.
- 8. Rebalance to stay aligned with your goals.
- 9. Stay flexible and re-evaluate as needed.