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When you retire, you need a regular income to budget for your expenses, much like when you’re working. There are different retirement income strategies that help you manage your investments and distribute your income. The challenge is to have enough cash to enjoy the lifestyle you want without running out of money prematurely.
Our financial advisors specialize in creating retirement income strategies that work for you and your situation. Retirement income planning considers your income needs, your income sources, taxes, and the status of your portfolio investments. If you have to withdraw from the principal, we’ll advise you about which assets to liquidate, which to convert, and which to grow to their maturity date.
Retirement poses many financial challenges. By the time you retire, you will have built significant wealth, which still has tremendous growth potential. Of course, now we need to protect your wealth from excessive market fluctuation without losing opportunities for investment growth. Our retirement planners can help you manage your investment accounts to meet those goals.
You also need a guaranteed income to enjoy your retirement lifestyle. With it, you’ll want some flexibility to enjoy the extras life offers. And this is where we can help you find that balance between principal preservation and living the life you want. We’ll find an income distribution strategy that works for your situation and allows you to cover your expenses without running out of money too soon.
There are different types of income distribution strategies that meet different goals. For example, you may have heard of the bucket strategy, where the portfolio is divided into different buckets. We designate each bucket for a different time period. This gives some of your investments time to mature even while you collect income. Here are some other examples of income distribution strategies used in retirement:
What if your portfolio doesn’t earn enough in interest and dividends for you to live on? You’re not alone, and it doesn’t mean that you’re not ready for retirement. Your investments don’t have to stay intact. In fact, withdrawing money from your retirement account is the purpose of having it. We’ll help you manage your investments and income distribution strategy so you don’t run out of money.
While you can withdraw the same amount each month, it makes sense to purchase an annuity to provide you with a fixed source of income during retirement. You can purchase an annuity with a lump-sum payment or in installments. It can pay out immediately or at a later date. We’re here to help you set up a fixed income source for your retirement.
To maximize your retirement income, we’ll help you manage your investments and taxes. We’ll also advise you on how to maximize your Social Security benefits while minimizing your tax burden. The right income distribution strategy allows you to earn a comfortable income in retirement and preserves your nest egg.
Managing your retirement portfolio to ensure you have enough to last you through retirement can be challenging. Our financial advisors can help you review and protect your investments from excessive market fluctuations. It may be time to move your assets to more conservative investments to reduce your risk. Finally, you need an income distribution plan that works for your income needs and considers the size of your retirement account. Talk to our team of advisors about what else we can do to ensure you don’t run out of money.
Saving up money in your retirement account takes years of work and dedication. Now it’s time to create an income distribution plan to help you cover your monthly expenses and let you enjoy the lifestyle you want. Talk to our team of financial advisors to create your income distribution plan.