A thoughtful retirement income plan can help support your desired lifestyle while reducing the risk of outliving your assets.
When Will You Retire?
Your retirement age affects how much you need to save and how long your savings must last. Consider:
• Delaying retirement to save more and maximize retirement benefits
• Medicare eligibility at age 65 and healthcare coverage before then
• Social Security claiming strategies
• Working part-time during retirement
• Coordinating retirement timing with a spouse, if applicable
How Long Will Retirement Last?
Women generally have longer life expectancies than men, making longevity planning especially important. Estimate your retirement timeframe using life expectancy tools, while recognizing that living longer than expected is possible.
Project Your Retirement Expenses
Estimate future retirement costs based on your expected lifestyle rather than relying solely on income replacement percentages. Consider:
• Housing
• Healthcare
• Insurance
• Travel and hobbies
• Inflation
• Taxes
Identify Your Retirement Income Sources
Potential income sources include:
• Employer pensions
• Social Security
• 401(k) plans and other employer retirement plans
• IRAs
• Annuities
• Investment accounts
• Part-time employment
If projected income falls short of expenses, consider saving more, delaying retirement, increasing investment returns, finding additional income sources, or reducing expenses.
Transitioning Into Retirement
Key considerations include:
• Review and rebalance your portfolio regularly
• Maintain appropriate exposure to growth investments to help offset inflation
• Spend conservatively and monitor withdrawal rates
• Understand pension and retirement distribution options
• Develop a tax-efficient withdrawal strategy
• Plan for required minimum distributions (RMDs)
• Consider whether an immediate annuity fits your retirement income needs
Working with a Financial Professional
A financial professional can help evaluate retirement income needs, analyze available income sources, recommend withdrawal strategies, review investment allocations, and build a retirement income plan tailored to your goals.
Disclosure
This document is a reformatted version of the original Janney/Broadridge educational brochure.
