5 Considerations When Developing Your Retirement Income Game Plan
Written on the 5 April 2017
By Jeff Dixson
Dreaming about what you'll do in retirement is exhilarating. It's fun to think about golfing and grandkids, cruising...
Figuring out how to turn your nest egg into an income stream you can live on for decades is tedious, worrisome stuff that often leads to doing nothing at all. In one study, 43% of global individuals surveyed said their No. 1 fear in retirement was the possibility of outliving their savings. And yet many are unwilling or incapable of putting together a retirement income plan that will last 10, 20, 30, perhaps even 40 years.
There are so many theories floating around out there regarding the best ways to save and invest, so it's no wonder the average consumer is confused. Depending on the strategy you choose, it could mean a difference of thousands of dollars in income EVERY MONTH. Or worse you might not have enough money to live on in the later years of your life. Here are five considerations to developing a retirement game plan:
Prepare for inflation.
Plan for taxes.
Separate the expenses you need to cover in retirement into two categories.
Know how much of your retirement income is variable.
Work with a "retirement" coach.
Saving for retirement is one thing. Finding a way to turn that money into an income stream that will last for decades is another.