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.
Speak with your local advisor to learn how to plan for and provide a monthly income during retirement.
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1. Social Security Administration — Social Security Basic Facts — October 2015
2. As cited in October 2013 HelloWallet White Page — “Debt Savers in Defined Contribution Plans”
3. The Motley Fool — Retirement — What It Will Cost