One of the biggest changes that comes with retirement is where your income comes from. Instead of receiving a regular paycheck, you may be relying on a combination of savings, Social Security, a pension, investments, and other sources. Figuring out how those pieces fit together is an important part of preparing for retirement.

Retirement income planning can help you look at the bigger picture and decide how you want to use those resources. It’s not just about how much you’ve saved. It’s also about when to use different accounts, how much you may need each month, and how to prepare for expenses that could come up along the way.

Here are a few things to consider:

• When to start taking income. The timing of withdrawals and Social Security can affect your overall retirement strategy. Taking income from one source earlier or later may make sense depending on your individual situation.
• How to create consistent income. Your expenses will continue throughout retirement, even though your paycheck may not. Having a plan for covering regular expenses can make it easier to know what you can comfortably spend.
• Unexpected costs. Healthcare expenses, inflation, home repairs, travel, and other costs can change your retirement budget. Leaving some room for the unexpected can help keep one large expense from throwing off your entire plan.
• Market changes. Your investments may continue to fluctuate after you retire. Having a strategy for when and where your income comes from can help you avoid making decisions based solely on what the market is doing at a particular moment.

Your retirement income strategy should be based on your own goals and circumstances. What works for one household may not make sense for another, and your plan may need to change as your situation changes.

If retirement is a few years away, this is a good time to start looking beyond your total savings and think about how that money will actually support you once you stop working. If you’re already retired, reviewing your income strategy from time to time can also help make sure it still fits your needs.

The right plan can give you a clearer idea of where your retirement income will come from and how your different resources can work together.

(610) 457-2619 | ✉️ info@gsteinfinancial.com

The Goldstein Team