The first rule of retirement income planning is to never run out of money. The second rule is to never forget the first rule. Retirement distribution strategies are unique to each individual/couple, taking into account their goals, needs and ability to handle risk. Without a regular paycheck, you need to create a consistent, sustainable income stream at the lowest cost. You must make sure that your distribution strategy is tax-optimized to avoid paying unnecessary taxes.
Set up a meeting with your advisor to create a steady stream of income and to discuss various strategies to help reduce your taxes in retirement.
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1. Social Security Administration — Social Security Basic Facts, October 2015
2. Statistic Brain — Retirement Statistics, January 3, 2016
3. HelloWallet — Debt Savers in Defined Contribution Plans, October 2013