Retirement Income
July 10, 2025
After clocking out for the final time, your monthly bills and daily needs will not stop. Building up a nest egg that serves as the foundation for your retirement is a solid plan, but it is also important to consider where your income will come from once the paychecks stop.
A well-thought out retirement plan will not simply chip away from what has been built up over the years. With the right strategy, your savings and investments can continue to work for you while providing you with a steady stream of payments that suit your needs without emptying your accounts.
Consider the following strategies1 and how they could align with your wants and needs in retirement:
Bucket Strategy
This approach divides investments and assets into separate categories that aim to balance continued growth while also looking to protect and keep a portion of your money liquid for easy access and to combat market volatility.
Annuities
Purchasing an annuity can provide reliable amounts and timing of payouts, but can also be subject to market fluctuations. There are many varieties of annuities available, and a financial professional can help tailor a product to match your unique needs.
Social Security Optimization
Many people think that Social Security is simply a check that shows up each month, but there are many different ways to approach claiming benefits. Be sure to choose a method that optimizes your income while fulfilling any needs.
Tax Efficiency
Work may have stopped, but taxes never will. New sources of income can include new tax situations. Staying on top of these obligations can help minimize your bill and avoid unwelcome surprises.
Downsizing
If you find yourself in a big home that your children moved out of long ago, consider addition by subtraction. Retirement offers the freedom to choose a living situation and location that fulfills your needs at a lower cost.
Speaking with a financial professional can help provide a better idea of where your income will come from in retirement. Contact us to schedule a meeting and start building a plan that fits your needs.