Retirement Income – Your Step-By-Step Guide To Not Running Out Of Money
Congratulations! You’ve worked for decades to prepare for retirement and now you’re there, or almost there, ready to start what can be the most enjoyable phase of your life. Very likely, you’ve got plans to travel, see family and friends and maybe even revisit hobbies you’ve neglected for decades.
However, as you are most likely aware, you must also make plans related to your money. Specifically, you want to be sure you have enough retirement income to last you for the rest of your life.
If you’re reading this, odds are good that you’ve done some saving or investing with an eye on retirement. You might even be quite adept at putting together a portfolio that’s well diversified and has performed well, which is exactly what you got you here in the first place.
Now, as you look at retirement, you are faced with some new questions. When you retire and you need to start accessing and spending that money, do you know what to do? Do you know how much you need in order to retire? Trust me, no one wants to make a mistake when it comes to something as crucial as their retirement income.
How do you know how much you can safely spend, considering that you might live for another two, three or even four decades? Things get a little more complicated at that point, but they are not impossible by any means.
Let us just say up front: you are not alone. Only 32% of retirees say they are very confident in their ability to live comfortably throughout retirement.[i] It’s clear that many retirees have the same kinds of questions you have – just as they want to enjoy their retirement time rather than feeling anxious about what they should or shouldn’t spend.
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